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Strategies to stay ahead of your taxes this season

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Benjamin Franklin once famously said “nothing is certain except death and taxes”, and to this day this still rings true. Nonetheless, with the 2022 tax season approaching fast it is essential that you get your ducks in a row to ensure you are maximizing applicable benefits while minimizing your expenditure. Here are a few strategies to stay ahead of your taxes this season.

Take advantage of digital services

The Canadian revenue agency (CRA) offers quite a few digital services that let you file your taxes as well as help access and manage your personal income tax and benefit information such as your TFSA and RRSP contribution limits, This can be done with a MyAccount profile or the MyCRA mobile app.

The CRA is encouraging Canadian taxpayers to sign up for direct deposit and file their 2022 taxes digitally. If you have not set up an account, it is advisable to do so as paper returns are processed in the order that they are received. Comparatively, it can take as little as two weeks for you to receive your notice of assessment when you file your return digitally.

Know what’s changed

Every year there are several updates and changes to the income tax act that Canadians need to be aware of when they are filing their personal income tax. Effective January 1st, 2022 federal income tax brackets were indexed to inflation by 2.4 percent. In Manitoba, tax bracket thresholds have been indexed by inflation by 2.1 percent for the 2022 tax year.

Source:Canadian revenue agency

Be Aware of key dates

There are several key dates that individuals need to be aware of especially if you are a business owner, here are some of the personal tax deadlines for

Self-employed: If you or your spouse earned income from your business in 2022 then your tax return is due June 15th, 2023. This deadline can be quite difficult due to the fact that any amounts owing are still due May 1st 2023. under normal circumstances, the deadline would be April 30th, but this year that date falls on Saturday, therefore they can be paid on Monday, May 1st without any penalties.

Not self-employed: If neither you nor your spouse collects any self-employment income, Then both the return and any potential taxes owed are due by May 1st 2023.

RRSP Contribution deadline: You have the ability to contribute to your RRSP until March 1st, 2023, and still have it reduce your overall amount of taxes owed in 2022.

The last word

Ultimately Taxes will most likely be the single greatest expense that you will face within your lifetime. It is crucial that you make Tax planning a main focus within your financial plan. while taxes are an unavoidable part of life, we at Endeavour implement strategies that vastly reduce their role. Click here to schedule a free 30-minute consultation.

- Mitchell Cathcart,  Marketing Assistant, Kondwelani Kalinda, Licensed Assistant & Financial Planning Associate and Grant White, Portfolio Manager at Endeavour Wealth Management with iA Private Wealth, an award-winning office as recognized by the Carson Group. Together, Endeavour Wealth Management provides comprehensive wealth management planning for business owners, professionals and individual families.

This information has been prepared by Mitchell Cathcart Marketing Assistant, Kondwelani Kalinda, Licensed Assistant & Financial Planning Associate and Grant White, Portfolio Manager for iA Private Wealth and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces in which they are registered.  

iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.

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