Rose Tax Service

YEAH!!! We are rated in the top 3 Tax Services for 10 years in a row!!!

3 Best Tax Services in Barrie, ON - Expert Recommendations Expert recommended Top Tax Services in Barrie, ON. How do we actually find? ThreeBestRated.ca 50-Point Inspection includes everything from checking reputation, history, complaints, reviews, ratings, satisfaction, trust and cost to the general excellence.

Underused Housing Tax (UHT)

The UHT is an annual 1% tax intended to apply to the value of residential real estate owned by non-residents that are considered to be vacant or underused. However many Canadian individuals on the title of a residential property on Dec 31 may also need to file UHT returns. This can occur if a person is holding the property in trust for another (such as when a person is on title but is not the true owner) or if a person is holding the property as a partner for a partnership. NEW! The government has proposed changes that would exclude many of these individuals from filings for the 2023 year (ie for those on title as of Dec 31, 2023). However, the relieving measures are not proposed to apply to those on title for 2022 year. Filings for both the 2022 and 2023 years are due April 30 2024.

CRA has increased their interest rates!!!!
Are you behind in CRA payments? CRA has increased their rates by 1%-10% more for arrears and instalment interest. Don't miss those installment dates!!!!

NEW TAX CREDITS FOR 2023!

*The new multigenerational home renovation tax credit is first available in 2023.
*The first home savings account (FHSA) is also first available in 2023.

2023 Tax Tips
Real Estate Cautions
The real estate property flipping rule deems any gains on short-term residential property sales (property held for less than 1 year) and gains on short term assignment sales (rights held for less than a year) to be business income, effective for dispositions as of Jan 1 2023.

Short-term rental income - Proposals have been released that would deny income tax deductions for expenses incurred to earn short term rental income when that income is earned in areas that have prohibited short-term rentals or when short-term rental operators are not compliant with the applicable provincial or municipal licensing, permitting or registration requirements effective January 1, 2024

2023 TAX INFO
Work from home -$2 a day -GONE

To claim work from home expenses
-must have T2200 signed by employer
-must work from home MORE THAN 50% time for more than 4 week consecutive
- Employer must REQUIRE you to work from home, if you have a choice there is no claim.

CRA already provides all employees a non-refundable tax credit of $1368 to cover expenses such as steel toe boots, scrubs, parking, briefcase, etc, therefore most employers are reluctant to sign the T2200’s.

Employee expenses are one of the most reviewed deductions so ensure you are eligible to claim before you file.

Tax season is here! Upload your documents to our RTS portal, it’s so easy! Or drop them off at our office!

TAX SEASON IS JUST AROUND THE CORNER!!! Start collecting your documents! Did you know your pharmacy and other medical practitioners can provide a year end total? don't forget your Travel insurance is a medical premium. Those first 60 days of RRSP''s ((Jan-Feb 2024) should be included in 2023 tax returns.

CRA does not accept returns during Jan-Feb 26 2024! Get caught up filing before they shut down for their annual maintenance.

Would it be better for your small business to be Corporate?
Don’t wait for Tax Season, call for a consultation now!

Holiday season is followed by Tax Season. Who has time for tallying receipts for business returns? RTS can help you with that!

Haven’t filed your returns yet? File ASAP! CRA closes its EFILE process January until late February 2024! Don’t delay any longer! You may be missing out on credits!

Is your business ready to go corporate?
Call us for more info!

We want to thank all our clients and voters!

Dear Clients.
Sept 11 is the last date to nominate and vote for your favourite business for the Readers Choice awards in Barrie & Georgian Bay. We would really love your votes!

Readers' Choice Please log in or register with an email address and password first. You can vote for more than one business or person in the same category, but only once per business per category, under your registered email address. First choose any category or search for a business Then vote for all your favourit...

Are you late in filing your tax return? Going without your Child Tax Credit, GST, Trillium, etc? We can help you get caught up!

Kids are back at school! Routines, monitoring homework, sports, extra cirriculum, the list goes on and on for parents. Why spend hours tallying receipts, spend the time with family! Let us do the bookkeeping for you!

BACK TO SCHOOL -EDUCATORS (copied from CRA website)
Your role as an educator extends beyond the classroom. Take advantage of the tools and credits available so you are not only investing in your classroom, but in your professional development as well.
• Claim up to $1,000 of supply purchases – As a teacher or early childhood educator, you are entitled to a 15% refundable tax credit on up to $1,000 of supply purchases each year. Make sure you keep your receipts and obtain a written certificate from your employer, as the Canada Revenue Agency (CRA) may ask to see these later.
• Claim moving expenses – You may be able to claim moving expenses like transportation, storage and other costs, if you moved at least 40 kilometres (by the shortest usual public route) closer to your new work location. Make sure you keep supporting documents from your move, like receipts from travelling or hiring movers. Once you have moved, don’t forget to update your address with the CRA

Back to school & After school Activities coming soon! Let Rose Tax Service do your bookkeeping for you, so you can spend quality time with your family!!!

Behind in filing your taxes? No worries! Recover those lost credits! Rose Tax & Accounting is here for you!