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Your 2021 Personal Tax Return: a guide to compile your documents

2/21/2022

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Here we are again! It’s time to compile all your receipts to prepare your income tax return for 2021. We’d prepared a list of documents you need to prepare and provide to serve you better.

How to send you documents this year? Go to our website: www.dcastro.ca and Click on the CLIENT PORTAL button, you will be directed to the E-courier.ca message, just type your email address, a description and attach your documents. And say Hi!! 

We use E-courier as our SECURE deposit box to keep all your documents safe and secure. All your messages are processed by encrypted email and files are kept confidential, because your privacy is important to us! No password required to send the documents and you will get a confirmation message as soon as we receive the message and when is opened.

All our processes are Online, receiving documents, preparing, sending back for review, signing and filing. We use encrypted and secure emails.

Please review the attached checklist, note any changes and check the items you are including. 

See you soon!!!!
Photo by Sharon McCutcheon on Unsplash​
Personal Tax Checklist
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Personal income tax: What's new for 2021?

2/4/2022

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I am reaching out to let you know what is new for 2021 Personal Income Tax Season!
  • What is the deadline to file your taxes in 2022?
    • On or before April 30, 2022 
    • On or before June 15 for the self-employed
It's important to file before the due date to avoid penalties and late fees, but also to get your refunds and benefits as soon as possible.

When is the last day to invest in RRSPs? 
The final date for 2021 RRSP contributions is March 1, 2022. All the contributions you make before this date are going to be used to reduce your taxable income for 2021! Contact your Financial Advisor today to check your RRSP's room and save money on taxes.
When can you start filing? 
The earliest day to file is February 21 as CRA is still updating tax rates and all the necessary information to process your taxes. 

When can you expect your refund?
This date is not written in stone and CRA will no guarantee a fix timeline, the expected date would be:
  • 2 weeks if you file your taxes online
  • 8 week if you file your taxes by paper
  • 16 weeks if you file from out of the country​

What is the best way to get ready?
Open a "My business" account with CRA to access all your slips, sort out oll your medical expenses, donations and political contributions, documents regarding sale or properties, Income and expenses for activities such as business, rentals, foreing business, etc. Let us know when you are ready!

Principal Residence Reporting
All taxpayers who sell their home must report the sale on their tax return, even if it was their principal residence for the whole time they owned it. There are substantial penalties for not reporting the sale. If you sold your home in 2021,provide us with all the details.

Foreign Property Disclosure
Canadian resident individuals who held property outside Canada with a total cost of more than $100,000 CAD at any time in the tax year must comply with special reporting to the CRA. There are substantial penalties for non-compliance.

Business & Rental Income and Expenses:
You will report your gross income and deduct allowable expenses related to running your business, rental properties. If you have questions regarding the expenses you can claim send us an email and we can share the list with you. 

Employees working from home
CRA has extended to 2022 the "Home Office Expenses" claim and increase it from $400 to $500. This method can be used for tax years 2020, 2021 & 2022. You can still use both the Simplified and the Regular method. Follow CRA link to know more details:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html
Still have questions? Send us a message to admin@d
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    Author

    Dayani Castro, was born in Cuba, and is a proud Canadian citizen who pay her fare share on taxes and likes to contribute to the economy.

    In her own words: "I am from Cuba, moved to Canada 10 years ago with my daughter and we love it here. Won't go into politics but I took the decision to up-root my family to find better opportunities for my daughter to become a powerful and an independent woman. I open my bookkeeping and tax business 5 years ago, and love helping immigrants - specially women - navigate the process of creating and growing their business. As a single mom, immigrant an entrepreneur I recognize the importance of a supporting and loyal community when you need to start from Zero and build your dreams in your new country."

    Dayani's vision is to help as many immigrants as possible to create thriving business, giving them the opportunity to be independent, give back to the society and create new jobs.

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