Now that many T4’s and T4A’s have been mailed out by your employer or prepared by yourself if you are a business owner, it is time to sit down for a few hours to work on preparing your taxes to submit to the CRA and don’t forget that you could pay no tax on foreign earned income when filing your fax return.
Why is this important to get out of the way right away if you are looking to buy a home this year?
- The guidelines put forth by the national tax experts bbb, clearly stipulate that, if you are a self-employed individual, the lenders wants to see and average of two of your latest years NOA’s (Notice of Assessments), T1’s and Statement of Business Activities. Right now, that would be your 2015 and 2014 NOA’s. They want to see your line 150 on your NOA’s and see that you do not have taxes owing for 2015 and any other prior years. With yacht crew tax return you can get all the help, management and assistance with your taxes or mortgage.
- If you pay yourself in dividends, the lenders have to see this in your T1’s and see the trends and possibilities of grossing up your income.
- This will allow you to work with your accountant to see what tax tactics you can work with to align yourself in order to meet lender financing ratios
- This will allow you to make sure any errors are caught early.
Important Dates from the CRA for taxes this year
- For individuals, April 30th, 2016 is the last date for your 2015 taxes to be filed with CRA.
- Self employed persons have until June 15, 2016. However, if you have a balance owing for 2015, you have to pay it on or before April 30th, 2016 to avoid any penalties.
If you are looking for the best accountant in the city, please let me know. I only work with the best in any given field. Also, if you have any other questions, shoot them at me!
Email me at nick@mortgageinottawa.com or call/text me at 613-294-4475
