Tax season is fast approaching and there are some changes to consider.
A Saskatchewan accountant, Gautam Sudani of Mokx Professional Services Ltd., says one of those changes is to the income threshold for 2024.
“Earlier it was around $14,000 and this year it is $15,705, which allows people to earn a little more income than last year,” Gautam Sudani said.
Soudani says changes have also been made to the Canada Workers Benefit and rules for those who earn income while driving, particularly rideshare and delivery drivers for services such as Uber or Skip (formerly SkipTheDishes) .
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For those who have opened a first home savings account, Soudani advises indicating this when you return in order to maximize your contribution allowance.
He adds that common mistakes include not knowing deadlines or not including all relevant tax information, such as T4s.
He encourages those filing their returns for the first time and those who have just arrived in the country to create an account with the Canada Revenue Agency.
“They can keep their account up to date if they move from one place to another, because new arrivals, once they arrive, there are a lot of changes in their lives? » said Soudani.
Soudani says failing to file taxes can result in interest, penalties or not receiving a notice of assessment – which is necessary to apply for things like home loans.
Canadians can start filing their 2024 tax returns online starting February 24, the usual deadline of April 30.
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