No doubt, filing tax returns under the Canadian tax system is not as easy as it should be due to its complexity and, countless calculations particularly for tax payers in the lower income bracket. more complex and therefore, adds to the cost of filing tax returns. There is an extensive list of tax credits, deductions, and other tax expenditures which makes this system complicated. However, we at 20-Dollar Tax are on a mission to help clients file their taxes by providing them the best quality services through our professional experience and expertise. We are effective and efficient at what we have to offer to our clients.

Canadian tax system is complicated but not any more complicated than other countries around the world with similar economic size and model. Tax system are designed to include a wide range of scenarios and then represent current economic and political conditions and the future plans of the country. If you combine everything, you will get a very complicated system.

Canadian tax system is complex but the good new is that there is a lot of help and ruling available to made simple and effective decisions.

Eligible Dependant can be your parent or grandparent, sons, daughters, brothers, sisters by blood, marriage or adoption. If the dependant is not the parent or grandparent, the dependant must be under the age of 18 at the end of the year or 18 years of age or older with an impairment in physical or mental functions.

Eligible dependant: One claim per household. You cannot split the amount with another taxpayer for the same dependant.

An individual who is single, separated, divorced, widowed and supporting a dependent.

Dependent must be living with you in a home you maintain. Support payments do not qualify for the claim. Tax credit is reduced by dependent’s net income. Dependent’s net income must be less than basic personal amount plus $2295 if dependent is physically or mentally impaired.

Filing your tax returns yourself can be a little stressful at times. As professionals, we are not only filing your tax returns but also helping you plan your future. Professionals Accountants constantly review latest rules and guidelines released by CRA to guide their clients. Professional accountants can prevent errors in the return filing Professionals provide you with the peace of mind.

A professional accountant is bounded by professional code of ethics and therefore it will be in their best interest as well as your best interest that your taxes are filed accurately and in compliance with the law.

According to CRA, the tax payer can go back up to 10 years to file tax returns. If you do not file your tax returns by the deadline each assessment year, you will be entitled to penalty as well as compound interest on unpaid taxes and also you might not receive the benefits you are entitled to even if you don’t owe the CRA any money. Late tax filing penalty is 5% of the tax year’s balance owing + 1% interest on balance owing each month your tax return is late up to maximum of 12 months. If the tax payer filed tax returns late in the past 3 years or if the tax payer fails to file taxes second time, these penalties will increase to 10% of balance owing PLUS 2% interest on balance owing for each month the return is late up to maximum of 20 months. It is always advisable to file the tax returns every year by the deadline even if the tax payer does not owe any money to the CRA.

You can claim the amount spent on Air Filter, Cleaner, Purifier if medically required*