Tax deductions are there for you to take advantage of whenever you can; sometimes you just need a reminder.
There is something for everyone, so please, come on in and stay awhile. Feel free to browse around and find the answers and the tax deductions that you have been searching for, free of charge!
Many claims are at your disposal to shrink or eliminate the amount of taxes owed, if they apply to you.
Numerous deductions are also available to multiply your existing tax refund.
So, how do you know what tax deductions you qualify for?
Well, that’s where we come in! Our family at Direct Tax Services is committed to providing you and your family with legally allowable, unproblematic and painless ways to keep what is rightfully yours – your hard earned money.
Keep in mind that you have over 36 years of income tax preparation, tax filing and tax consulting experience available at your fingertips, twenty four hours a day seven days a week.
It is our intention to make this tax season a trouble-free season, for you. We will jog your memory and or explain the deductions that you are entitled to.
Have no fear; we will inform you what you can deduct, what forms are required, where to report these deductions and tax credits, and what publications pertain to that particular deduction.
While you are here, we’ll just go ahead and mention a few of these typical money savers…
A partial list of personal deductions includes medical expenses, moving expenses, car donations as well as charitable donations; these are amongst the standard deductions to be had by taxpayers.
Home business owners could find the section on property tax, mortgage interest and home office deductions beneficial.
If your interest lays solely in finding out what new deductions have become available, then the what's new segment is for you.
Are you aware of efiling?
How do you file an adjustment?
Do you know when the tax deadline is?
Should you buy or lease a vehicle for your small business?
These are just some of the questions that you will find answers to.
Grab a notepad, a coffee or the beverage of your choice and get ready to jot down some savings.
File by May 1st and incur no penalties or interest
Most Canadian 2023 income tax and benefit returns will be due on April 30th, 2024 but since that falls on a a Sunday, your return will be considered on time if the CRA receives it, or if it is postmarked, on or before the next business day. Again, the CRA will consider your return as filed on time if your submission is filed or if it is postmarked by midnight on Monday May 1st, 2024
If your return is not filed on time you risk a delay in the processing of your GST/HST Credit; Canada Child Benefit (CCB) payment; Old Age Security Benefit (OAS) payment, along with any provincial credits you are eligible for.
Deadline to contribute to a RRSP, PRPP, OR SPP is February 29th, 2024
Benefit Payment Dates To Remember
Canada Child Benefit
Last: February 20, 2024
Next:
March 20, 2024
GST/HST Credit and Canada
Workers Benefit
Last: January 5, 2024
Next:
April 5, 2024
*Keep your slips, receipts and supporting documents for six years, in case your return is selected for review. Also, keep a copy of your return, notice of assessment and reassessment.
The Upcoming 2023 Filing Deadline
Individuals
Monday May 1st, 2024
Self Employed
Monday June 17th, 2024