#ASKMelanie: Top Questions answered about filing your pandemic taxes
I came across this informative article in Q & A format that answers a lot of questions about top 2020 tax questions and the changes to expect including impacts on parents and more. Content courtesy CBC News. Your taxes might look a little different this year because of the pandemic. With special government assistance like the […]
#AskMelanie: What are the new rules for this upcoming tax season?
Are you ready for this upcoming tax season? There are many changes but no extensions, so it’s time to get prepared. I recommend you leave plenty of time to familiarize yourself and get the support you need. I am here to help. Here’s some tips directly from this excellent Globe & Mail article: Heads up, […]
#AskMelanie: How can I claim my home office for a tax deduction as an employee?
The COVID pandemic has brought about many changes for individuals in 2020, one being the requirement to work from home as an employee. You may be eligible to claim a tax deduction for your home office expenses (office space, supplies, internet, cell phone, etc.) which were incurred but NOT reimbursed by your employer if you […]
Canada Emergency Response Benefit (CERB) is taxable, do have a payment pay-back plan ready?
Did you know that CERB (Canadian Emergency Response Benefit) payments are taxable? Melanie Beaumont, CPA, CA, LPA recommends setting aside one-quarter of the benefit to cover the taxes but it is a challenge for many to do so. Budgeting and careful planning during COVID-19 is an essential step to take in order to save the […]
Confused by tax deadlines? Here is a list of changed dates due to COVID-19
Are you having trouble keeping up with all the changed dates for tax deadlines (for both personal and business) because of COVID-19? Us too! The following details the returns that have been affected by COVID19 with respect to filing and payment dates. I have compiled a list of normal filing dates and revised COVID filing […]
#AskMelanie: What are some financial lessons of COVID-19?
Now is a perfect time to reflect on our financial and business decisions with regard to our spending, business and investment choices. I came across this Globe and Mail article entitled: Six financial lessons of COVID-19: Lifestyle creep, emergency funds and risk tolerance that speaks to some important lessons we can learn out of the […]
Here’s how to submit your tax returns to get your money back
In these tough times, I am still working at the office to prepare your income tax returns so that you can get your money back! However, the office is closed to visitors. I am accepting information for tax returns in one of three ways: Mailbox drop-off – there is a mailbox at the back of […]
#AskMelanie: How can I maximize my 2019 RRSP Contribution? Debunking myths.
February… love is in the air and taxes to potentially pay around the corner. How can you save for your retirement and maximize your tax situation? Melanie’s favourite column “The Bean Counter” dives into the myths around your RRSP contribution. We would love to hear if some of these myths have changed your knowledge around […]
#AskMelanie: What can I do when my spouse dies before me? 25 administrative items to tackle
I have written about various aspects of estate planning (see “related reads” below article) on my #AskMelanie blog. These difficult challenges are something we never want to face but is inevitable in our lifetime. This, of course, is never easy when you are dealing with the emotions associated with the death of a spouse or […]
#AskMelanie: What is the best way to transfer ownership of a family cottage?
This month we tackle a question that I often see families trying to figure out. What is the best way to transfer ownership of a family cottage? Here is some advice I found useful on Canadian Capitalist: Canadians love their cottages. They are willing to put up with three hour drives, traffic jams, never ending […]