Tax Season 2023 is here! - February 2023 Tax and Money Tips

Image by Steve Buissinne from Pixabay

​Happy Family Day! Happy Valentine's Day! February is here, which means it's tax season too! :)

New this year: I'm hosting a free short Zoom webinar for new sole proprietors or those thinking of becoming one. Topics include:
- business income vs hobby,
- business expenses you can claim,
- sales tax vs income tax.

​There will be 2 sessions on Saturday, February 11, 2023.
- Session in Indonesian: 1-1:30pm
- Session in English: 1:45-2:15pm
Send me an email to request the Zoom link.

Now, here are my tax and money tips for February.
1. OK, this is a repeat from January Tax and Money Tips, but I think it's worth repeating as it was said that when a message is repeated, it can be remembered better. :)
RRSP or TFSA? 
Answer: Company pension 
If you're an employee, check if you have maximized your company's pension or your company's offer for matching your pension contribution. For example, your company allows you to contribute 6% to a locked-in company pension and will match your contribution by putting in another 3% into your account, this means you have FIFTY PERCENT (50%) return on your investment, GUARANTEED! No investment advisor can guarantee you a 50% return consistently EVERY TIME. So, check your company pension and ensure you have taken advantage of it.

2a. Looking for tax help? You may qualify for free service from a tax clinic. Check for one in your area. Book now as they get filled up quickly.

2b. Are you a DIY type of person? Canada Revenue Agency (CRA) lists software that are certified. Many tax software are free if you meet certain conditions. For example:
- TurboTax is allowing those under 25 years old or those with simple tax returns to file for free. 
- Wealthsimple is offering their software for free with an option to tip them when you are done. 
- H&R Block also offers free filing for those under 25. 
So if you are turning 25 in 2023 and your birthday is around March and April, you should get your taxes done early. :) 
Disclaimer: I am not affiliated with any of the above companies.

3. If you are a business owner (sole proprietor), you don’t have to wait for your T4; you can start putting together your 2022 income and expenses. Here are the types of business expenses you can claim.
Organize your receipts. Get ready to file earlier than last year. If you need help, contact me.

As a reminder, my Tax Preparation service is:
- Full service: You provide your data to me, I do your taxes for you.  Fees include 20 minutes of assistance if you are assessed by CRA (Canada Revenue Agency).
- Review service: You prepare your taxes, I review it before you submit your return.
- Tutoring service: I teach you how to do your taxes. This service is not available in March and April.

Visit my blog page or follow me  on LinkedIn, IG, FB, Twitter for more money and tax tips. Get ready to file your taxes!