Description: Very affordable and easy to operate software has made tax season a lot less tougher than it used to be in the good old days. The Canada Revenue Agency (CRA) has even compiled a list of free or inexpensive software choices to help you along the way. The CRA website is also an excellent source of information organized to help you find answers to your taxing questions. But CPA Brian Quinlan advises to watch out for “lifestyle tax” – big changes such as birth, death, marriage, divorce, and starting a business – as possible indications of when you may need some expert advice.
Date: March 18, 2024
Source: thestar.com
Discussion points:
1) How do you do your tax returns? Do you have a favourite tax software program?
2) Does your post-secondary institution offer a course on personal taxation?
3) The Accounting Matters inset box on the bottom of page 12-7 of Wiley’s Financial Accounting: Tools for Business Decision-Making talks about using a Tax-Free Savings Account (TFSA) for non-strategic investments by individuals. How much can a Canadian contribute to a TFSA each year?
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