Cra what can i write off

Q: A YouTube user asked: Are there any indications that the CRA will delay the return filing due dates like they did last year beyond April 30 for personal tax returns, and June 15 for corporations? A: I didn't see any indication of that. It's really important to know: There's a big difference between filing your taxes and paying any balances owing.

The big deadline that everyone usually talks about is this April 30 filing deadline for personal taxes. And it's June 15 for people who are self-employed, which would be if you're a sole proprietor. But I worry about people thinking that they have until June 15 to file their self-employment taxes because the money is still due April How can you know necessarily what you might owe by April 30 if you haven't filed yet?

Try to figure out what you owe and get it done by April Because then you don't get charged any interest — that's my blanket advice. Q: Who doesn't have to pay right away? Who has a year to pay the taxes that they owe? You have until April 30, to pay those taxes without the government charging you any interest. Q: What should people do if they can't get into the my CRA accounts? So the best thing to do if that's happening to you is just reset it. It's going to be annoying. You're going to have to get on the phone.

I've had some clients say that they waited three hours to get through, so put your phone on speaker and maybe watch a show or do some work. Eventually when they pick up, they're going to need last year's tax information. Hopefully you've got your Notice of Assessment handy but they do have a way of asking other security questions in case you don't. Can I use that electronic file in order to file my taxes?

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Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Register Now. FP CryptoDecoded: Join us at our free crypto and blockchain events. Manage Print Subscription. These expenses reduce the amount of money in your pocket throughout the year, and writing them off allows you to account for the reduction. Some taxpayers may not know about all the write-offs available.

For instance, new college and university students may not be unaware of education write-offs, such as credits for tuition and textbook expenses, association membership fees and examination fees. Medical expenses also can be written off, many of which are not commonly known.

Unlikely medical expenses may include, but are not limited to:. Please note that these things can only be written off if they are bought for medical purposes. Work From Home Employees Once you meet the eligibility criteria as an employee, you can claim a portion of the following expenses: Electricity Heating Cleaning and maintenance Minor repairs Rent Self-Employed and Freelance As a self-employed person, consultant, or freelancer you can claim the following: Electricity Heating Cleaning and maintenance Minor repairs Rent Mortgage interest only self-employed can claim this Property taxes only employees and self-employed who work on commission can claim this Home Insurance only employees and self-employed who work on commission can claim this The CRA recognizes the above lists as legitimate expenses related to running a home office or home business and a portion of those could be deducted at tax-filing time.

Search by age and special groups. From the Government of Ontario website. Newcomers to Canada - Explains how to file taxes as a newcomer when you first arrive in Canada.

This information is only for tax newcomers, tax newcomers are those that have been in Canada for the first year only. From Canada. From the Canada Revenue Agency. Report a Lead on Tax Cheating - Explains what is considered cheating on taxes and benefits and how you can anonymously report a business or person you suspect is cheating on their taxes.

Worried that the Canada Revenue Agency got it wrong? Related Articles What is the taxation system in Canada?