The Ins and Outs of Preparing Your 2020 Tax Return - with Guest Hugh Campbell, CPA, CA
Tax season can be quite a stressful time for many investors. On top of that, with the changes that 2020 brought for a lot of us from working from home, to real estate purchases, and government programs, things may look a little different than usual.
We wanted to dedicate this episode to helping you think about the ins and outs of having your income taxes prepared for you. We are joined by our own Hugh Campbell, CPA, CA, CIM a longtime Partner at Tulett, Matthews & Associates.
Hugh is not only responsible for legal, accounting and other administrative functions of the firm but he along with Edmond Fhima also oversees the tax preparation services offered to the clients of the firm.
In this episode, Hugh and Ruben talk about the tax advantages of contributing to a retirement savings plan (RRSP), the general rule to keep in mind for tax deductions, the benefits of working with a tax professional, the hefty penalties that stem from incorrect and incomplete filings, how you can be proactive when it comes to your taxes, what to do if you realize you’ve made a mistake, and so much more!
Thank you for listening!
How an RRSP helps you pay yourself first (1:46)
The tax savings you can achieve through an RRSP (2:28)
Why you must file your taxes on time (3:50)
Coordinating your family’s tax returns (5:50)
Declaring government payments on your tax return (7:13)
Can you claim a deduction for your work from home expenses? (8:55)
What you need to consider before claiming a home office deduction (10:49)
The general rule for determining which expenses are tax-deductible (12:35)
Tax credits available for seniors and retirees (13:40)
Disability tax credits (14:31)
The strict reporting rules around real estate transactions (16:14)
Why it’s important to consult a tax professional when settling an estate (18:00)
Reporting your foreign income on your Canadian tax return (19:17)
Being proactive in your tax reporting (20:40)
Incentives for charitable giving (22:30)
Why taxes are so variable from one person to another (24:57)
Responding to a Notice of Assessment (26:36)
What to do if you can’t afford to pay your tax bill (28:17)
How long should you keep your records? (30:05)
Key takeaways to keep in mind for tax season (31:26)
And much more!
Thanks for Listening!
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