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Income Tax Fraud
Mar 18, 2016

Make sure you hire the right person or company to prepare your income tax return.

According to the Canada Revenue Agency (CRA), 28 million people file income tax returns each year and of that number, 50% use tax preparers. Tax preparers can register with the CRA to use EFILE to transmit the completed return through an encryption technology that instantly acknowledges the tax return has been received. So, what could possibly go wrong for the taxpayer? Unfortunately, not all tax preparers are honest. And, these less-than-honest ones take advantage of the fact that prospective clients believe the tax preparer:


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2014 Tax Changes
Mar 06, 2015

We are starting income tax season so this is an ideal time to review some of the changes that will apply to this year's tax return. A federal election is scheduled for later this year, so it is no coincidence that the tax changes will benefit many taxpayers. The most noticeable changes are those benefiting parents with minor children. The non-refundable fitness tax credit for children under 16 has been increased from $500 to $1,000. Next year, the fitness tax credit will be a refundable tax credit furthering the benefit to lower income families. The $500 arts tax credit remains unchanged.


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RRSP or TFSA
Feb 23, 2015

March 2, 2015 is the deadline for Registered Retirement Savings Plan (RRSP) contributions that qualify for deduction on your 2014 tax return. Several clients have contacted me recently to confirm their 2014 contribution limit or to discuss whether it is prudent for them to contribute to an RRSP. If we have authorization to contact CRA on your behalf, we can confirm your confirmation limit, but many of our clients aren't aware that all Notices of Assessment report the RRSP contribution limit for the following year, so the information is readily available to them (I am assuming that all my clients retain their Notices of Assessments).


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TAX DEDUCTABLE – MEDICAL EXPENSES
Mar 18, 2016

You can claim on your personal tax return, eligible medical expenses for yourself, spouse and dependent children born after 1996, for any 12 month period ending in that tax year. The medical expense deduction on your tax return is in the form of a non-refundable tax credit, which is 20% of the eligible medical expenses that exceed the lessor of;


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Helping our Clients
May 08, 2014

In Canada, every adult and every corporation must generally file an annual income tax return.  What we do at Towler & Associates is help our clients fulfill their tax filing obligations while reducing the taxes they pay.  We don't prepare US tax returns, we don't conduct audits, and we don't provide accounting services to Not for Profit entities; we help client's with their Canadian taxes, both personal and corporate.


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HELP YOUR FRIENDS RELIEVE TAX PAIN!
Jan 24, 2014

Over the next few months some of your friends and family may bring up the subject of dreading the task of preparing their own 2013 tax return.  You can provide some wise advice to them by suggesting that rather than doing it themselves, which will involve, buying a tax software package, loading it on their computer, learning how to enter their information and what schedule it goes on, and then how to correct it, double checking their entries, printing their return etc. etc...  Instead of this headache, they can solve their problems with one simple call.  Tell them to make an appointment and drop off their information at our office.  Result: Tax pain will subside immediately.


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2014 RINGS IN A NEW YEAR, A NEW NAME AND NEW BRAND!
Jan 24, 2014

Last year, my partner decided to spend less time worrying about tax returns and spend more time with his family. As a result of his retirement, many things will remain the same such as our location and great people, but other things are changing including our brand and our name change to Towler & Associates.


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