Here’s a list of some of the most common mistakes the CRA sees at tax time.
Avoiding these can save you time and help make the tax-filing process as simple as possible.
IMPORTANT: Keep your receipts for
We can help you to benefit from the available Tax Credits.
The OSHPTG is available to Ontario senior homeowners who pay property taxes and who have low or moderate incomes.
It is an annual payment that seniors must apply for each year when they file their income tax and benefit return.
IMPORTANT: Keep your receipts for
• the property tax paid by or for you for your principal residence in Ontario for the applicable tax year.
ELIGIBILITY
• On Dec. 31, 2023 you were 64 years of age or older and
• You owned and occupied a principal residence in Ontario that you, or someone on your behalf, paid property tax on for 2023.
The Ontario trillium benefit is the combined payment of the Ontario energy and property tax credit, the Northern Ontario energy credit, and the Ontario sales tax credit. The annual Ontario trillium benefit entitlement is usually divided by 12 and the payments issued monthly.
IMPORTANT: Keep your receipts for
· the rent paid by or for you for your principal residence in Ontario for the applicable tax year;
· the property tax paid by or for you for your principal residence in Ontario for the applicable tax year;
· the home energy costs paid by or for you for your principal residence on a reserve in Ontario for the applicable tax year; or
· the accommodation costs paid by or for you for living in a public or non-profit long-term care home in Ontario for the applicable tax year.
Keep your medical expenses documents!
For medical expenses, including eye and dental care, you can claim the part of the expense that you or someone else have not been and will not be reimbursed for.
You may be asked to submit proof of the expense.
There are over 400 Tax Deductions that the CRA allows.
Of course there is no combination that will fit all Tax Payers. And that is where MW Consulting comes in.
We will help you find the Tax Deductions that apply to your situation.
We will publish over the next little while some of the more popular ones. So stay tuned!
You subtract Tax Deductions from your total income. This lowers your taxable income!
Tax Credits are amounts that reduce the tax you pay on your taxable income.
Now is a good time to start collecting your Tax Documents:
You would like it totally stress-free? Just call us and we will help!
Your CRA Account allows you to view your personal income tax and benefit information.
Your Account is:
Your Account allows you to:
The CRA has $1.4 billion in uncashed cheques sitting in Canadians accounts
The CRA will never text you about money sitting in your account. Learn how to recognize scams below
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