2024 Canadian Tax Deductions Not to be Missed! 💰🇨🇦
Welcome to our channel where we dive into the world of taxes and help you maximize your deductions! In this video, we're highlighting essential Canadian tax deductions for 2024 that you simply can't afford to overlook. From upcoming tax deadlines to commonly claimed business expenses, we've got you covered. Let's get started! In this video, you can witness key tax deduction strategies, like upcoming tax deadlines, commonly claimed business expenses, commonly missed tax deductions, ineligible tax write offs, and Recordkeeping tools and how to avoid audit.
📅 Upcoming Tax Deadlines: Stay ahead of the game by marking your calendars with key tax deadlines for 2024. Whether it's filing deadlines or installment payments, knowing when to submit your documents can save you from unnecessary penalties.
💼 Commonly Claimed Business Expenses: As a business owner, understanding which expenses are deductible is crucial. We'll walk you through commonly claimed business expenses such as office supplies, travel expenses, and advertising costs. Don't miss out on these deductions that could significantly lower your taxable income.
❌ Commonly Missed Tax Deductions: Did you know that many Canadians overlook valuable deductions each year? We'll uncover some of the most commonly missed tax deductions, including charitable donations, medical expenses, and home office deductions. By identifying these often-missed deductions, you can maximize your tax savings.
🚫 Ineligible Tax Write-Offs: Not all expenses are eligible for tax deductions. We'll help you distinguish between eligible and ineligible tax write-offs to avoid any potential issues with the Canada Revenue Agency (CRA). Understanding what you can and can't claim will keep you on the right side of the tax law.
📝 Recordkeeping Tools: Keeping accurate records is essential for cclaiming deductions and avoiding audits. We'll introduce you to some recordkeeping tools and techniques to streamline your tax preparation process. From digital apps to traditional filing systems, finding the right method for you is key to staying organized.
🔍 How to Avoid Audit: No one wants to deal with a tax audit. We'll share practical tips on how to minimize your chances of being audited by the CRA. From double-checking your calculations to maintaining thorough documentation, taking proactive steps can help you steer clear of audit triggers.
Don't let valuable deductions slip through the cracks! Join us as we navigate the complex world of Canadian taxes and ensure you're making the most of every opportunity to save money. Remember to like, share, and subscribe for more tax tips and financial advice!
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4. Tax
deadlines -
First day of tax filing Feb 24, 2024
Tax Deadline - April 30, 2024 – Individuals
Tax Deadline - June 17, 2024 – Self-employed
June 17, 2024 - HST deadline for personal taxes
Corporate taxes
Corporate taxes - 6 months after the
year end
HST – 3 months after the year end
T4s And T4A slips need to be issued
before Feb 29, 2024
5. Common
business
expenses
• Telephone and utilities
(% used for business)
• Business licenses and
dues
• Capital costs (desks,
chairs, computers etc)
• Charitable donations
(75% of the receipt)
• Delivery and shipping
charges
• Salaries and wages
• Home and auto
insurance
• Interest on business
loans
• Motor vehicle expenses
• Office expenses
• Professional fees
• Rent
• Startup costs
6. Missed
deductions
1. Deposit forgone for pre-construction
• Capital or business loss?
2. Commission rebates – client cash back
3. Union/Professional dues and licensing Examination fees
• Nurses, for example, may claim the cost of yearly licensing
fees on schedule 11 as a tuition amount.
• Insurance premiums related to your profession
4. Moving expenses
• least 40 km closer to your new place of employment
7. Missed
deductions
contd..
5. Student loan interest
a student line of credit to fund your studies,
6. Overnight camps and summer day camps
expenses (childcare)
7. Employment expenses
• form T2200 – work from home office
8. Ineligible expenses
Your own labor expenses
Any costs reimbursed by your insurance company
Portions of any bills that used for personal matters
Interest on personal loans
Costs associated with secondary office location (only primary office location expenses can be
deducted)
9. Recordkeeping
for expenses
Keep a reliable paper trail – create
an email dedicated to tracking
receipts – 6 year minimum in a case
of an audit
Don’t rely on estimates when
submitting expenses
CRA wants receipts - bank and visa
statements are not a backup
10. Beware of
CRA
Cash gifts won’t cut it: you can get a
receipt and tie it to a specific deal
“Mickey Mouse” Deductions: An auditor
who sees you’re happy to deduct a dinner
with your spouse on Valentine’s Day, will
typically be quite interested to see what else
you may be willing to attempt to deduct.
11. Tip:
Register
for CRA
accounts
• Copy of recent tax return
required needed to register
CRA My account
• Keep track of our
outstanding dues for your
business
CRA my Business
account
12. Thanks for
listening
• Lakshay Gandhi CPA, CGA
• 647-987-4025
• Support@accountingops.ca
• Subscribe to my YouTube
channel – Real estate and
Taxes with Lakshay
Editor's Notes
REMINDER: For your 2023 taxes, the CRA has increased the interest rate on overdue taxes to 10% which may have a significant impact on your financial situation.
