June 10th, 2022

Happy June! The year 2022 is almost half gone; hopefully it has been a good year for you.

After 3 months of absence (super busy tax season this year), here are my June Tax and Money Tips.
1. If you filed your taxes on time, you may receive a letter from CRA for post-assessment review. CRA started sending letters out on May 26th. Watch out for letters via Canada Post or watch out for notice in your email, then log in to your My Account on CRA website. If you used my service, your fee generally includes 30 minutes of assistance if you are assessed by CRA. Please do let me know if you need my assistance since I do not monitor individual accounts.

2. If you or your spouse are self-employed, you have until June 15th to file your tax return. Many self-employed individuals chose to file by May 2nd, 2022, so kudos to you! :)

3. One of the most common problems sole-proprietors encounter is not knowing when to register for GST. Often they find out they have passed the $30,000 threshold and have to bear the extra 5% GST themselves; it's like giving a 5% discount to all your customers. It's a "good" problem to have because it means your revenue is increasing, but it's a hard lesson to take since there is financial implication. So, here is the link to learn about when you need to register and start charging GST:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html


If you are on LinkedIn, Instagram, Facebook, or Twitter, feel free to follow me (LinkedIn, IG, FB, Twitter) for more tips. Have a great month and see you in July!

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Photo by Kelly Sikkema on Unsplash