March means spring is on the horizon, but it also means Canadians across the country will be busy filing their taxes for 2024, and local tax handler Rob Katzman will be busy helping them.
Katzman, owner of ‘A Taxing Situation’ in Alliston, is an expert on the overwhelming list of tax rules, write-offs, benefits, and more.
Disability Tax Certificate
He says one of the many things to know this year is the Canada Revenue Agency’s (CRA) new disability tax certificate for those who qualify.
“If you do qualify for disability tax credit, you’re actually going to start getting a $200 a month subsidy, which is something that we haven’t seen before,” said Katzman, who adds that it applies to those with disabilities and those who are benefitting from the Ontario Disability Support Program (ODSP). “A lot of people who have not been in taxable situations are now able to file for the disability tax credit, even though they didn’t get a benefit before.”
The Disability Tax Certificate is one of the many new benefits and rules Katzman points out each year to make sure there are no surprises during tax season.
Ask a Pro
“It’s complicated. And that’s the bottom line,” said Katzman. “By coming to someone who actually knows [tax filing], you will save yourself a lot of the headaches.”
Small businesses owners, like podcast host and weight loss coach Charlotte Skanes, face even more complications when it comes to filing taxes.
“I’m completely self-employed. I built my own business and I just don’t want to do anything wrong,” said Skanes, who is also ‘A Taxing Situation’ client. “So it’s just important to me that I can trust the person that I’m working with to take that over for me.”
First Home Savings Accounts
Katzman also reminds people to speak with their accountant to take advantage of other relatively new benefits, such as First Home Saving Accounts (FHSA).
“It’s $8,000 per year once you start the plan up,” explained Katzman. “If you opened up an account last year but didn’t put any money in this year, you can put in 16 [thousand dollars].”
Subsidies Eligibility
He also recommends being aware of what you are eligible for.
“If you have no income, you qualify for subsidies such as the GST rebate, the Trillium Rebate, the Canada Carbon Tax,” added Katzman. “If you don’t file your tax return, you’re not getting them. You’re just leaving money on the table.”
Tax Deadline
April 30 is the deadline for most to file and pay their outstanding taxes.
Those who are late could face fines starting at five per cent of what they owe for first offenders and ten per cent for repeat late-filers, plus additional interest.
According to the CRA, those who file their taxes before March 21 could receive their Canada Carbon rebate payment on April 15.
