Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham are Trusted Saskatoon Accountants and in their latest accounting tip, they share info about the Canada Tax Deadline
Canada Tax Deadline
The time when Canadians will be able to shed their toques and snow boots is still months away, but tax season is right around the corner. Get ready to tell the government how much money you made last year, how much you already paid in tax and hope that the difference will put a few dollars back into your pocket.
But whether you’re in for a refund or a tax bill this year, simply filing your return can be stressful. There are old receipts to be gathered, deadlines to put on your calendar and new rules you should know about.
WATCH: Canadians pay on average 42.5 percent of their income in taxes, reports finds
When’s the tax deadline?
As usual, April 30 is the date most Canadians need to keep in mind. For the majority of tax filers, this is the deadline to both pay any tax due and file your return.
- If you’re self-employed, this year you have until June 17 to file (the deadline is normally June 15, but that falls on a Saturday this year). Remember, though, that if you owe taxes, you still need to pay up by April 30.
- If you’re late to either settle your balance or send in your paperwork, you’ll face late-filing penalty and daily interest charges on any taxes owed.
When’s the earliest I can file my taxes?
If you just can’t wait to get that big refund, know that the Canada Revenue Agency (CRA) will start accepting electronic returns on Feb. 18.
Most people want to skip the tax-processing queue because they anticipate getting money back. But having a big tax bill is also a good reason to file early. That allows you to set up a plan to pay your tax in instalments. The more you manage to pay by April 30, the fewer extra charges you’ll face.
What is the deadline to contribute to my RRSP?
You can put money into your registered retirement savings plan (RRSP) any time. But if you want to get a tax refund for your RRSP contribution with your 2018 return, the cutoff for adding funds is March 1.
WATCH: A look at how taxes affect your savings outside an RRSP or TFSA
What's New in 2019?
A few things:
New and improved tax breaks:
- Climate Action Incentive. Canadians who live in Saskatchewan, Manitoba, Ontario and New Brunswick are in for an extra tax credit this year. The money, which may create or boost a tax refund or reduce a balance owing, is meant to offset the cost of the carbon tax in provinces that haven’t established a carbon price of their own. Once the tax goes into effect on April 1, it will push up the cost of gasoline by 4.42 cents a litre, that of natural gas by 3.91 cents per cubic metre and that of propane by 3.1 cents a litre, according to government estimates. In an unusual move, Ottawa is putting cash into Canadians’ pocket before they incur the extra expense. According to the federal government’s calculations, the average household (defined as 2.6 people) in Saskatchewan will spend $403 more but receive $598 under the climate-action incentive. In all jurisdictions, residents of small and rural communities will receive an additional 10 percent supplement. The amount of the tax credit depends on family size — you can use this table to calculate how much your household can claim. It’s important to note that the tax credit applies to the household, not the individual taxpayer, said Lisa Gittens of H&R Block. This means that only one person for every family living under the same roof should claim the credit on her return, she added. All you have to do to receive the credit is file taxes and claim the credit in a new schedule that will come with the income-tax package in the four affected provinces.
- Medical expense tax credit for service animals. In certain circumstances, Canadians suffering from severe mental impairment will now be able to claim the cost of caring for service animals as a medical expense. The credit is only for animals trained to perform specific tasks that help their owners cope with their impairment. Examples of those tasks include things like “guiding a disoriented patient, searching the home of a patient with severe anxiety before they enter, and aiding a patient experiencing night terrors,” according to H&R Block.
- Accelerated capital cost allowance rates. Self-employed Canadians and business owners, listen up. This year you might be able to get more money back for the cost of things like business equipment, office furniture and computers. All those things lose value as they age, so the CRA allows you to gradually claim the cost of these purchases over the years. The good news is that in your 2018 return you’ll be able to get a bigger tax break for equipment bought after Nov. 20 of last year. For example, say you spent $1,000 last December on a new couch for your office. In the past, you’d have been able to claim only $100 of that expense for the first year. Now, you’ll be able to claim 50 per cent more than that, or $150. The change will apply for purchases of eligible equipment made up until the end of 2023 and be phased out between 2024 and 2027. The capital cost allowance reduces your taxable professional or business income.
Tax breaks you can no longer claim:
- Tuition. Students in Saskatchewan, Ontario and New Brunswick can no longer claim a provincial tax credit for their tuition expenses, noted Warren Orlans at TurboTax. The federal tuition tax credit, however, is still alive and well. Students over the age of 16 who are enrolled in post-secondary level courses can usually claim their tuition costs to help offset their tax bill. If they don’t have a lot of taxes to offset – which is often the case for students – they can carry forward the credit or pass it on to an eligible relative, which includes parents and grandparents. However, it’s the student who needs to claim the tax credit on her or his return, regardless of who will ultimately benefit from the tax break. The federal credit is 15 percent of your eligible tuition. For example, if you paid $2,000 in fees, you would be able to claim a $300 tax credit.
The federal small business tax rate applies to business income up to $500,000 dropped from 10.5 percent to 10 percent in 2018 and came down another notch, to nine percent, as of Jan. 1, 2019. On the other hand, Ottawa also tightened the rules on so-called passive income. This is the income businesses earn when they invest surplus profits in things like mutual funds and real estate. As long as the extra cash stays inside the company, it is taxed at the corporate tax rate, which is lower than the rates that apply to individuals. The federal government contends many Canadians have been using passive income and its low corporate tax rate to grow their personal savings, so it tightened passive income rules. Under the new regimes, businesses with less than $50,000 in annual passive income can claim the full $500,000 at the small business rate. The federal government also cracked down on the practice, common among business owners, to sprinkle income to relatives in lower tax brackets as a way of reducing the family tax bill. With the new rules, there’s no tax advantage to income sprinkling unless business owners can prove that family members are, or have been within the previous five years, actively engaged in the business. The reduction in the small-business tax rate softens the effect of the tighter passive income and income sprinkling rules, Orlans noted. For some business owners, the changes will cancel each other out, he said. “When people file through the software, everything calculates itself in the back end, so people aren’t going to see a change in the income they’re claiming.”
- Lower tax rate for small business.
Service upgrades from the CRA:
- CRA has a new phone system. More than a year after the auditor general blasted the CRA for issues at its call centres, the agency has migrated to a new phone platform. When Canadians call this year, the CRA is promising they will receive an estimated wait time to speak with an agent instead of the familiar busy signal or message to call back later. Callers will have the choice to wait on the phone, call back later or use automated options. The new system will also be able to route calls to agents with the skills necessary to deal with the question or issue at stake, the agency said. The auditor general found that even when Canadians did manage to get through to a CRA agent, they would get wrong information from almost 30 per cent of them. This tax season will be the test of whether the agency has made meaningful progress.
- Pay your taxes with an app. Many Canadians already pay most of their bills through their phones. Starting in February they’ll be able to do so with taxes, too. The MyCra web-based app will let you view and pay your tax balance with Interac, Visa Debit or Debit MasterCard, or by pre-authorized debit. You can also use the app to pay your taxes at a Canada Post outlet for a fee by generating a quick response (QR) code.
- Paper tax return shipped to your home. If you filed your taxes the old-fashioned way last year, the CRA will ship the 2018 income tax paperwork to your doorstep. If your package hasn’t appeared by February 11, you can download a copy of the return online or order a copy from the CRA.
- Email notifications about account information changes. If you’ve signed up for this service, starting on February 11, the CRA will begin to send you email notifications about account changes like updates to your address or direct-deposit information. This should make it easier to spot suspicious activity in your account.
Contact Hounjet Tastad Harpham today if you have any further questions related to the Canada Tax Deadline.
Hounjet Tastad Harpham Services:
If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.
Marla Janzen is an award-winning SASKATOON REAL Estate expert she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients.
Marla Janzen is a TRUSTED SASKATOON REAL ESTATE EXPERT listed on the Saskatoon Directory and she loves to provide Trusted Saskatoon real estate Tips that help the public!
As an award winning Century 21 Fusion SASKATOON REAL Estate agent I know Saskatoon ,Warman and the surrounding area extremely well. I feel blessed to live in Saskatchewan and I am a TRUSTED SASKATOON and area Real Estate Agent .
Spring is here, and that means summer and enjoying the warmer weather is right around the corner. Backyards are wonderful spaces for entertaining and cooking, for quiet meditation or simply a source of natural beauty. A well landscaped yard can also increase the resale value of a home.
In recent years, landscaping has become increasingly important. People are traveling less and spending more time at home whether for work or relaxation. Creating an oasis of calm and beauty in the backyard is something to consider if you plan on selling your home.
If you are not sure where to start with your landscaping project, consider the following factors:
- The look of your outdoor space should complement the architecture of your home.
- If the landscaping design appeals to the average person, it will be easier to sell your home; an obscure design may prevent a sale.
- The size and slope of a yard will influence landscaping designs.
- Consider a design that requires minimal maintenance; for example, opt for perennials that will come back year after year.
It’s also a good idea to spruce up your existing landscaping before listing your property as well; here are a few tips to get you started:
- Add large container plants near your garage door, or front door.
- Add a fresh layer of mulch to your garden beds.
- Prune any overgrown trees or shrubs.
- Tidy up any annuals or perennials that don’t look their best. If a plant is in really bad shape – remove it.
- Power-wash any dirty surfaces such as your patio, fence and siding.
Your home will only make one first impression and a well-maintained landscape will make your property more attractive to potential buyers.
Contact me I am one of just 3 Trusted Saskatoon REALTORS ®. I am looking forward to helping you sell or buy your home! I love what I do and I take great pride in providing excellence in customer service to all of my clients. I strive to find them the perfect new place to live while negotiating the best terms and price possible.
Find Marla Janzen Online at www.marlajanzen.com she is a Century 21 Fusion Realtor and Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.
The Trusted Saskatoon Directory team is ecstatic to announce our latest partner in the Saskatoon Home Builder Category! A big Trusted Saskatoon community welcome to Westbow Construction a Trusted Saskatoon Home Builder
Every design, layout, and plan is well thought out to ensure that it works well for your lifestyle. Whether you are a first time home buyer, young family or downsizer, Westbow Construction has a home that would work for you! At Westbow they take pride in ensuring that their clients are purchasing affordable homes but not sacrificing quality, functionality or finishing touches. They have been in business since 1977 and easy to understand why after speaking to their clients.
"Westbow is absolutely outstanding to work with and they are very responsive when you call. I purchased a property from them in 2017 in Warman and love the design of the condo style townhouse. Given the limited space it has many unique features that are really appreciated. I would definitely recommend them." - Wayne Durksen (Warman, SK)
"I love working with Wesbow Construction and am proud to align myself with such a great company. They really care about the people they work with, the homes they build, their community and their customers. They allow me to have input into their designs and developments and truly work as a family. " - Marla Janzen - Trusted Saskatoon Realtor
Westbow partnered with Hungry for Life to touch the lives of people of Haiti, the most impoverished nation in the Western Hemisphere. Haiti has lived through a history of instability. After a massive earthquake hit Haiti in 2010—one that decimated over 300,000 people—it became the poorest country in the West. In the wake of that event, 1.5 million people were left homeless. Of those that do have shelter, 75% lack running water. These unsanitary living conditions contribute to the high rate of disease. Haiti’s education system was setback too. Resources were, understandably, moved toward those needs necessary for survival.
As such, for every Westbow homes sold their team donates $500 to the Haiti Free School Project.
We are proud to have Westbow Construction on our directory of excellence in the Saskatoon Home Builders Category and give them the thumbs up!
Perfection Plumbing & Drain Cleaning Ltd. is a premier provider of quality drain cleaning and plumbing services in Saskatoon, SK. They are the company of choice to handle all of your plumbing concerns including drain cleaning service, water heater installation, plumbing repair, and more. Perfection Plumbing are Trusted Saskatoon Plumbers on the Saskatoon Directory. In their latest tip, they share helpful info on preventing blocked drains.
Saskatoon drain cleaners very often have a hard job; the majority of any drain cleaning job is reactive, in that it’s clearing away the result of months, even years of buildup in drain and guttering systems, when the problem could easily have been alleviated, or even prevented, in the first place. But it is still surprising how many people do not know how to proactively keep their drain systems clean, and there are many reasons why this should be a priority. But just how can someone be mindful during their day-to-day tasks?
Avoid Pouring Fat Away
An alarming amount of commercial premises that serve food, and just as many residential customers, require Saskatoon drain cleaning services as fat build-up has clogged their drains. It may seem like the easy option to pour away boiling hot liquid into a plug hole, but it won’t stay hot forever. When it cools down, it congeals and effectively creates a plug in the draining system. Before long, anything that goes down the drain in the same building, and very often with neighbouring buildings who share the same pipes, will come right back up, delivering old waste and a foul smell to boot. For commercial premises, this can mean closing down while the ‘health hazard’ has to be remedied. The easiest option is to avoid pouring away fat altogether.
Claw Back on Lumpy Food in The Sink!
It’s easy when the cooking is done to throw pots and pans into the sink and forget about the lumpy, off-cut pieces of food that lay in the bottom of the bowl. But again, over time, these will not go away. When they eventually get soft enough to go down the drain, they’ll rot and start to produce a rotting smell. A quick clear away before throwing the pots and pans in the sink will mitigate this problem.
Avoid Blocking the Gutter
Many gutter drain cleaning jobs can be avoided by simply not letting the gutter clog up. Over time, waste in the guttering needs to go somewhere, and when the rain and wind hammer down, it’ll push what waste is in the guttering down the downspout, causing a blockage. Regular clearing of the gutter is a must.
For plumbing problems in your home, don’t hesitate to contact Perfection Plumbing for help.
Perfection Plumbing & Drain Cleaning Ltd. is a premier provider of quality drain cleaning and plumbing services in Saskatoon, SK. They are the company of choice to handle all of your plumbing concerns including drain cleaning service, water heater installation, plumbing repair, and more. Perfection Plumbing are Trusted Saskatoon Plumbers on the Saskatoon Directory. In their latest article, they share the many benefits of energy-saving water heaters.
Are you beginning to dread the winter months? Energy bills for hot water, and heating and lighting the home seem to creep forever upward. In many Canadian provinces, the government and/or energy companies provide assistance in the form of grants and loans, to persuade both homeowners and businesses to switch to using to energy saving appliances.
According to Natural Resources Canada, the average family uses around 75 litres of hot water every day, accounting for nearly 20% of a household’s energy bill. There’s no doubt that the older your water heater, no matter what the type and unless regularly serviced, will be costing you more in bills than it should.
Taking the Leap, Making the Switch
Before making a decision, contact a reliable, reputable Saskatoon plumbing company that specializes in hot water tanks in Saskatoon. For a start, natural gas is far cheaper than electricity. If you can change, it’s well worth the added expense.
As would be expected, Energy Star hot water tanks in Saskatoon are far more expensive than old style tanks. All that new technology has to be paid for. But does greater expense equate to greater savings on your bills? The short answer is yes, but it’s the time taken to recoup the extra outlay which could do with some discussion.
Talking to a reputable company that regularly fits and services water heaters in Saskatoon is the best way to ascertain the type, size, and energy rating you will need to begin reducing your energy consumption while recouping the additional outlay in a reasonable time frame.
A reputable plumbing company that puts their customer’s needs first, such as Perfection Plumbing & Drain Cleaning Ltd., will ask a lot of questions. How many in the family? How many bathrooms? Do you live in a sprawling single storey home, or is it more compact with upstairs and downstairs? All these things and more will have a relevance to which type of Energy Star rated water heater your plumber recommends.
While discussing the best Energy Star rated hot water tanks in Saskatoon for your needs, it is well worth considering a few smaller things which will help cut down running costs.