December 2018 Newsletter
Scammers continue to improve their game. Be aware of any telephone, mail, text, or email communication from Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number, bank account number, or passport number. If you receive a call saying that you owe money to CRA, call CRA, check your account online, or give us a call to confirm.
· To be tax-deductible in 2018, the following payments must be paid by December 31: charitable gifts; medical expenses; union and professional membership dues; investment counsel fees; certain child and spousal support payments; political contributions; and interest on student loans.
· If you sold your principal residence in 2018, it will need to be reported on your 2018 tax return. Failure to report may result in the sale becoming taxable because you may not qualify for the principal residence
· Reminder that if you are required to make personal tax instalments, the final payment for 2018 is due December 15.
Have you maximized your TFSA contribution?
If you are a Canadian resident and over the age of 18, you can contribute up to $5,500 to a TFSA in 2018. If you are considering a withdrawal from your TFSA, doing this before December 31 will cause the room to be “reset” as of January 1.
Did you turn 71 in 2018?
If so, you need to roll your RRSP into a RRIF by December 31, 2018.
Paying your taxes with a cheque
Please be aware that if you have a balance owing on your personal or corporate tax return and you pay this balance with a cheque, it is extremely unlikely that your Notice of Assessment will reflect this payment as cheques take significantly longer to be processed by CRA. If after a month the cheque has still not cleared your bank account, please let us know and we can look into it for you.
· Throughout the year we are proud to support The United Way.
· On Fridays we wear jeans to support different charitable organizations. Our donations this year went to the Vancouver Island Mental Health Society and the District 69 Family Resource Association.
· We sponsored July Black at The Port Theatre in October.
· We were also pleased to sponsor a family for the Christmas Angels program through Volunteer Nanaimo.
· In 2018 we welcomed new staff: Adrian Burridge, Ellen Durant, Kara-Lee Hunt, Rimpy Mahal, and Viktoriia Natsevych.
· We’re pleased to announce that on November 30 Eric Landry passed his final exam to become a CPA.
Holiday wishes & closure notice
We wish all of our clients a relaxing and joyous holiday season and health and happiness in the New Year.
Our office is closed from December 21, 2018 at 4:30 pm and reopens January 2, 2019 at 8:30 am.