34 min
The ins and Outs of Preparing Your 2021 Tax Returns The Empowered Investor
-
- Investing
Tax season can be quite a stressful time for many investors. We have dedicated this episode to getting you up to speed on the key areas you should be thinking about as you prepare to file your taxes. To help us dive deep into this topic, we’re joined by our own Hugh Campbell, a longtime Partner at Tulett, Matthews & Associates.
Hugh is a Chartered Accountant and he oversees the tax preparation services offered to many of our clients of the firm. He graduated from McGill University with a BSc in Neurobiology & Physiology and later completed a diploma in Accounting at McGill before completing his CA.
Thank you for listening!
Key Topics:
● How an RSP helps you pay yourself first (1:46)
● The tax savings you can achieve through an RSP (2:28)
● Why you must file your taxes on time (3:50)
● Coordinating your family’s tax returns (5:50)
● Declaring government payments on your tax return (7:13)
● Can you claim a deduction for your work from home expenses? (8:55)
● What you need to consider before claiming a home office deduction (10:49)
● The general rule for determining which expenses are tax-deductible (12:35)
● Tax credits available for seniors and retirees (13:40)
● Disability tax credits (14:31)
● The strict reporting rules around real estate transactions (16:14)
● Why it’s important to consult a tax professional when settling an estate (18:00)
● Reporting your foreign income on your Canadian tax return (19:17)
● Being proactive in your tax reporting (20:40)
● Incentives for charitable giving (22:30)
● Why taxes are so variable from one person to another (24:57)
● Responding to a Notice of Assessment (26:36)
● What to do if you can’t afford to pay your tax bill (28:17)
● How long should you keep your records? (30:05)
● Key takeaways to keep in mind for tax season (31:26)
● And much more!
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112
Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!
Follow The Empowered Investor on Facebook, LinkedIn, and Instagram
Tax season can be quite a stressful time for many investors. We have dedicated this episode to getting you up to speed on the key areas you should be thinking about as you prepare to file your taxes. To help us dive deep into this topic, we’re joined by our own Hugh Campbell, a longtime Partner at Tulett, Matthews & Associates.
Hugh is a Chartered Accountant and he oversees the tax preparation services offered to many of our clients of the firm. He graduated from McGill University with a BSc in Neurobiology & Physiology and later completed a diploma in Accounting at McGill before completing his CA.
Thank you for listening!
Key Topics:
● How an RSP helps you pay yourself first (1:46)
● The tax savings you can achieve through an RSP (2:28)
● Why you must file your taxes on time (3:50)
● Coordinating your family’s tax returns (5:50)
● Declaring government payments on your tax return (7:13)
● Can you claim a deduction for your work from home expenses? (8:55)
● What you need to consider before claiming a home office deduction (10:49)
● The general rule for determining which expenses are tax-deductible (12:35)
● Tax credits available for seniors and retirees (13:40)
● Disability tax credits (14:31)
● The strict reporting rules around real estate transactions (16:14)
● Why it’s important to consult a tax professional when settling an estate (18:00)
● Reporting your foreign income on your Canadian tax return (19:17)
● Being proactive in your tax reporting (20:40)
● Incentives for charitable giving (22:30)
● Why taxes are so variable from one person to another (24:57)
● Responding to a Notice of Assessment (26:36)
● What to do if you can’t afford to pay your tax bill (28:17)
● How long should you keep your records? (30:05)
● Key takeaways to keep in mind for tax season (31:26)
● And much more!
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112
Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!
Follow The Empowered Investor on Facebook, LinkedIn, and Instagram
34 min