Host Jacqueline Betterton sits down with TAXplan Founder Gennaro DeLuca to talk about tax tips.
Gennaro De Luca, Founder of TAXplan Canada talks about how to grow your business in a digital world in this leadership lab special article in the Globe & Mail. Gennaro writes about valuable lessons learned while developing TAXplan.
Gennaro De Luca, Founder of TAXplan Canada featured in a Global News article outlining the 5 essential tax tips for last-minute filers.
Gennaro De Luca, Founder of TAXplan Canada has written an article about the men and women approach taxes & investing differently. The article was written for the Financial Independence Hub.
Do you ever “talk taxes” around the watercooler at work?
Of course you do!
Gossiping about how much everyone hates doing their taxes is a March tradition.
Unless you have an unhealthy relationship with government forms, no one really enjoys having to unpack the last year of their financial life. Watercooler conversations usually include frustrated comments about the CRA or just general anger at the entire concept of math. Really, it all boils down to the time you have to spend getting right down to do it and crunching out your taxes. No matter what method of tax filing you choose, it’s time that you’d rather spend doing something else.
Then there are the usual tax options. Joe from Accounting, being from accounting, likes to use the old pen and paper method. Unfortunately, it can take hours and the average Canadian makes several mistakes doing it this old fashioned way.
Bob in Human Resources prefers DIY software. Unfortunately, the do-it-yourself option puts you at a higher risk of tax audit.
Then there’s Susan in Sales who doesn’t mind dishing out the big bucks for full service professional accounting. The thing is, that can cost you more money than you’re likely to even get back on your refund.
What about you? Well this year, there’s a tax filing method that Canadians across the country are talking about: TAXplan.
Twenty years ago, the overhead and paperwork of seeing an accountant was necessary. Today, we live in a very different world. We’re all used to having technology and convenience at our fingertips. So why can’t that translate into better tax filing? Well now, it can!
TAXplan brings the entire concept of doing your taxes into the 21st century. Now, tax tech has finally caught up to the rest of technology. TAxplan has combined the convenience of DIY tax software with the peace of mind of using full service accounting, but without the ridiculous price attached to it. There’s a web app and a mobile Sidekick app for uploading documents on your phone, and you use those convenient tools to send your information to a TAXpro–a human tax expert, not a robot–who will optimize your taxes for you.
The entire process is incredibly simple. All you have to do is answer a couple of quick questions about your lifestyle and you’ll receive a quote–it literally takes less than a minute. Once you have your quote and you see the excellent price, it’s easy to get the whole thing moving and finished in no time at all. You simply answer some more questions about your family and finances. snap photos of your tax documents using the TAXplan Sidekick app, and that’s it. You’re done. The TAXpros will take it from there.
Your TAXpro will optimize your taxes to make sure you get every single rebate, credit, and refund that you’re entitled to. They’ll take care of all the nitty gritty details so that you don’t have to worry about it. You can watch Netflix or take your kids off to hockey practice and they’ll take care of it all for you. Once your TAXpro is done, we’ll notify that your tax return is ready, your taxes will be sent off to via our secure servers. Simple, easy, and hassle free.
You can see why so many people are talking about TAXplan. No more worries about mistakes on your tax forms. No more concerns about missing deductions. And no more time spent over the kitchen table with piles of paper and a calculator. We’ve solved the problem of doing your taxes with technology that everyone today has in their pocket.
Another advantage of TAXplan is that it gives you the ability to start planning your taxes way ahead of time. All year round, as you go, in fact. After you’ve filed your first tax return with us, you can start to snap photos of your receipts and upload them directly to your file in seconds throughout the year.
We’ll work with you over the course of the year to simplify and plan your financial life. No other tax service or DIY software offers that kind of support. We guarantee 100% accuracy, the highest possible refund, encrypted and secure privacy, and, best of all, a huge amount of time saved!
Another great thing about TAXplan? We’re a homegrown, Canadian tax preparation company. We know the Canadian tax code inside and out!
So, if you want something new to talk about when your coworkers bring up their taxes, just do a little name dropping. You can tell your coworkers that you don’t have to worry about your taxes because TAXplan is taking care of everything. They may look at you like you’ve sprouted a second head and demand that you tell them all about this ridiculously simple solution for tax planning and returns. You won’t only be saving yourself a huge amount of hassle, you’ll be saving the time and energy of all of your coworkers and friends. Not a bad day at the office, if we do say so ourselves.
Gennaro De Luca, Founder of TAXplan Canada has written an article about the three myths of tax preparation and how his company has moved the process into the digital age. The article was written for the Financial Independence Hub.
Every year there are changes to the Canadian tax season. Do you know the 2017 updates? This year there are changes for families, interest, investments, and tax law so buckle up and we’ll review everything that you should be aware of for the 2017 tax season.
What’s New for Families?
If you’re responsible for your family’s taxes, you’ll want to know about the following benefits, deductions, and credits for the 2016 income tax year. What, more to think about? With kids and a million little things on the go, we’d like to remind you that, when you file your taxes with TAXplan, our TAXpros will take care of the details to ensure that your family doesn’t miss any applicable tax credits or deductions.
The Canada Child Benefit (CCB)
The Canada Child Tax Benefit (CCTB) came into effect on July 20th, 2016. It’s replaced the Universal child care benefit (UCCB) and National Child Benefit Supplement (NCBS), and is designed to help eligible families with the cost of raising kids under the age of 18.
The CCB is a tax-free monthly payment that’s calculated using the adjusted family net income from your previous year’s income tax return. You’re required to file annually to receive the benefit. If you haven’t filed your 2015 return, you may miss out on these payments if you’re eligible.
Children’s Fitness and Arts Tax Credits
Unfortunately, the children’s fitness tax credit has been reduced to $500 from $1,000, and the children’s arts tax credit has been reduced to $250 from $500. Sad but true, however the additional amount of $500 available to children eligible for the disability tax credit isn’t changing.
Important note: these amounts are refundable in 2016, however in 2017 and subsequent tax years, both credits have been removed. If this is confusing, don’t hesitate to connect with a TAXpro who will make sure that everything is optimized for your family.
Child Care Expenses
The maximum limit for child care expenses hasn’t changed for 2016. Here’s a brief overview of the deduction limits based on your child’s age at the end of the applicable tax year:
- Children 6 years and under, you can deduct $8,000 annually;
- Children between the ages of 7 and 15, you can deduct $5,000 annually; and
- Children eligible for the disability tax credit have an annual limit of $11,000.
Family Tax Cut
The family tax cut, also known as the income splitting tax credit, has been eliminated for 2016 and subsequent tax years. This doesn’t apply to you if you receive a pension; you may still be able to reduce your taxes on eligible pension income by splitting with your spouse or common-law partner.
News for Interest and Investments
Take note of the following changes for investments and interest for your 2016 income tax year. Remember that when you file with TAXplan, our TAXpros will ensure that all of deductions and credits are accounted for and that your tax return is optimized for the best possible results.
Tax-Free Savings Account (TFSA)
It’s important to note that the annual TFSA dollar limit has been reduced in 2016 to $5,500.
The minimum withdrawal amounts for the following funds and plans have not changed for 2016:
- registered retirement income fund (RRIF)
- registered pension plan (RPP)
- pooled registered pension plan (PRPP)
For more information see Guide T4040, RRSPs and Other Registered Plans for Retirement.
Interest Paid on your Student Loans
Still paying off student loans? Here’s some good news. If you paid any interest on your student loan in 2016, you may be able to claim it. Follow this link to learn more or use the TAXplan app (free for students!*) and a TAXpro will take care of it for you.
Other News and Updates
Home Accessibility Tax Credit (HATC)
If you and your home qualify, you might be able to claim a non-refundable tax credit in 2016 for certain expenses paid to renovate your home. Review the home accessibility expenses information on the CRA website for all the details.
New Reporting Requirement on the Sale of your Principal Residence
In 2016 and going forward, you’ll need to report basic information regarding the sale of your principal residence. This information includes when you originally purchased the home, how much it was sold for, and the home address. You’re not required to pay capital gains on the sale of your principal residence if you didn’t use any part the home to earn money. Learn more about this important reporting requirement here.
Tax Credit for Educator School Supplies
Are you a teacher? If you’re an eligible educator, you may be able to receive a tax credit on qualifying teaching supplies bought throughout the tax year. It’s a step in the right direction. The 15% refundable tax credit is calculated on up to $1,000 in expenses. This tax credit is applicable to teachers and early childhood educators. Review the CRA publication to learn if you’re eligible.
Never Miss a Tax Credit
With so many changes to this year’s tax guidelines, we highly recommend that you entrust your 2016 online tax return to a professional. Consider TAXplan. We make your life easier by allowing you to submit your tax information in a convenient app for it to be processed, optimized, and filed by a professional. Click here to start now.
Canadian tax season has arrived! Not feeling excited yet? Well maybe this post will start a little fire underneath you to get you ready to file your 2016 income tax return.
Before we get started, there have been cases of fraudulent phone calls and scam emails pretending to be from the Canadian Revenue Agency. They’re not. Be on guard. If you’re contacted by a source claiming to be the CRA, don’t reply before checking this information first.
2017 Income Taxes Deadline
The official due date for individuals to file is April 30th but because the 30th falls on a Sunday this year, you get an extra day. Your return and any amount owing are considered on time if postmarked by 11:59pm on May 1st, 2017. Not that we’re advising you to wait until the last minute. There are a lot of advantages to filing early!
April 30th, 2017 = May 1st, 2017
While the due date for the Canada Revenue Agency (CRA) isn’t until the first of May, you can file your tax return as soon as you have all of your tax slips and information available. It’s worth it to get a head start on the filing will avoid rushing at the last minute to submit your return.
Seriously, don’t delay filing! Late payment on taxes owing just means fees and penalties… And if you’re expecting money back this year, why not get your taxes in early and enjoy the extra cash back in your pocket? Exactly. Get started now.
Online filing is definitely the fastest and easiest ways to complete your return. You should check out our TAXplan App; it allows you to submit all of your information digitally and then a tax professional will optimize your information submit your taxes for you. Filing on time with TAXplan is an ideal way to minimize how much you have to pay, and maximize how much you’ll get back!
TAXplanning Tip: If you’re receiving cash back from your 2016 return, consider rolling that money right into an RRSP for 2017.
If you or your spouse/common-law partner are self-employed, your tax timeline will be a bit different: June 15th, 2017. But keep in mind that any amount owing on your personal return is still due by 11:59 am on May 1st, 2017.
Also, depending on your annual income, you may have to make tax installments throughout the year.
Penalty Warning: Repeated Failure to Report Income
No funny stuff. Be sure all of your income is accurately accounted for. If fail to report on income and it amounts to $500 or more, you can be charged a penalty and the specific penalties have now changed. Interest and penalties are calculated on a daily basis and they can add up quickly!
Don’t get caught paying more than you need to: report all of your income thoroughly and carefully. The TAXplan app will help you report your income easily and accurately, and your file is always checked and optimized by a TAXpro. Get started now.
Have you considered contributing to a Registered Retirement Savings Plan (RRSP)? It’s one of the of best ways to save money on your personal tax. The great thing about an RRSP is that you save on any taxes owing today while also putting money into a secure investment that will help you save money for your future.
- 18% of your earned income in 2015; or
- $25,370 – the 2016 tax year maximum contribution amount.
The timeline for RRSP contributions is 60 days after year end. That means that you still have time to make RRSP contributions to offset 2016 taxes, but time is running out! The RRSP deadline is March 1st, 2017.
So in summary, the important 2017 tax dates in Canada are:
- March 1st, 2017 – RRSP deadline
- May 1st, 2017 – Income Tax deadline
- June 15th, 2017- Self-Employed Tax deadline
Just remember that the best way to file your taxes this year is to work with a tax professional. It’s also the best way to ensure that you’re optimizing your financial situation for the most strategic and beneficial tax outcome. The most convenient and cost-effective way to submit your taxes to a professional is by using the TAXplan app. It’s the only app in Canada that connects you with professionals–TAXpros–who know the ins and outs of the Canadian tax laws and regulations. Our TAXpros will ensure that you get the most money back and pay the least amount of taxes possible every time. Click here to get started now.
They say the best things in life are free, and that much is certainly true for Canadian students thanks to the TAXplan student promotion. What better way to initiate yourself into the world of income tax than by having your tax return prepared by a TAXpro free of charge via the new cutting edge TAXplan app?
Some people underestimate just how busy the life of a student can be. Students are under a lot of pressure with a heavy workload, a full schedule, and decisions to be made for the future. You just don’t have the time or bandwidth to hassle with your tax return, and why spend money to have it done when you can do it for free with the new app?
With this easy way to organize your life, you can spend your time on more important priorities, like your school obligations. The TAXplan app provides the easiest method available for keeping track of school expenses, work payments, and other financial details.
In 2016, TAXplan will prepare free tax returns for students for the 2015 tax year. If you’re a full-time, post-secondary student with tuition fees then this special app is exactly right for you. All you have to do is provide your tuition forms from your educational institution; just snap a photograph with the new TAXplan app. Easily upload and organize your tax documents and keep a digital history of your tax file via the app. The app will take care of the rest!
The convenient, user-friendly platform can be accessed right from your phone or tablet. Photograph or upload your documents and follow the straightforward checklist in just a few clicks. Your tax return will be ready in just 24-48* hours!
The messenger feature lets you chat with a TAXpro—a certified tax professional. Whether you’re new to doing your taxes or already have a bit of experience, this is a great way to learn more about your taxes. There’s no such thing as a silly question. Ask anything you like, get support, get a better understanding of the Canadian tax system, and learn about your own tax situation. It’s couldn’t be easier than with the convenient app.
When you file your taxes for free with TAXplan, you set yourself up for a bright financial future. The app helps you to set course for an optimal TAXplanning lifestyle, going beyond tax season to maximize your overall financial potential.
Never miss a potential tax credit. Get the most money back possible from your refund, and minimize unnecessary debt with the help of the TAXpros. They’ll not only optimize your tax return; they’ll also set you up in the best position for ongoing financial planning and management. You can use the TAXplan photo feature throughout the year to easily keep track of school expenses. Email or upload documents as you get them so they’ll be ready and waiting for you come tax season.
The app is free and easy so you can get started now. Why wait? Download the TAXplan app today and get started.
**Available for full-time, post-secondary students with tuition fees only; must be able to provide tuition forms from the educational institution. Income must be below $20,000/year. Available for the current tax year.