Client Case Study: We Found $750!

In 2017, Mike M. became a new client of Taxwerx. As we were preparing his 2017 return, we learned that in 2016 he had withdrawn funds from his RRSP for the Home Buyers Plan.  But, his 2016 refund amount didn't seem large enough to have included the Home Buyers tax credit that he would have been eligible for in that year when he bought his house.

So, we had a peek....and sure enough, the firm who had prepared his taxes the previous year had missed claiming this credit! We were able to file an amendment for Mike for 2016, and got him back a cool $750!

Taxwerx works hard to ensure all new clients claim every credit and deduction they are entitled to....including reviewing previous years!  If you're unsure if you've missed anything in any of your previous tax filings, connect with us at any time at sayhello@taxwerx.ca!

---

Also in Tax Tips

To Depreciate or Not, That is the Question!

To claim or not to claim depreciation on your varying classes of capital assets depends on a few factors. Either way, it is important to understand the possible implications of claiming CCA, and to choose in an informed way!

View full article →

Can I Write Off My House?

Some of the most common questions that we get from self-employed clients are around what expenses can be claimed for using your home in the business. You can definitely claim a proportionate amount of expenses related to the house, but you will want to be sure to make the calculation easy for CRA to understand.

View full article →

Work From Home Due to COVID? Be Sure to Claim the Deduction!

COVID-19 has resulted in a lot more people working from home, at least some of the time in 2020. The rules have been updated to reflect this 2020 reality, and include a new simplified calculation and the possibility of claiming it without the Declaration from your employer.

View full article →