Let Letus us maximize maximize your yourreturn. return. Maximum MaximumRefund RefundGuarantee* Guarantee* Our OurMaximum MaximumRefund RefundGuarantee* Guarantee*ensures ensuresyou you get getallallthe thedeductions deductionsand andcredits creditsyou're you'reentitled entitled to. to. Š H&R Block Canada, Inc. At participating offices. Some restrictions may apply. See office for details.*If H&R Block makes an error in the Š H&R Canada, preparation of Block your tax return,Inc. that costs you any interest or penalties on additional taxes due, although we do At participating restrictions may apply. See office details.*If H&R makes an error in the not assume the liability offices. for the Some additional taxes, we will reimburse you for the interest andBlock penalties. preparation of your tax return, that costs you any interest or penalties on additional taxes due, although we do not assume the liability for the additional taxes, we will reimburse you for the interest and penalties.
hrblock.ca | 800-HRBLOCK (472-5625) hrblock.ca | 800-HRBLOCK (472-5625) For more information, come in to speak information, come in totoday. speak withFor anmore H&R Block Tax Professional with an H&R Block Tax Professional today. H&R Block H&R Block H&R Block H&R Block H&R Block H&R Block H&R Block H&R Block 810 Vernon Street 1455 Bay Ave 1740 Columbia Ave 106 Broadway 810 Vernon 1455BC Bay Ave 1740 Columbia 106 Broadway Nelson, BC Street Trail, Castlegar, BC Ave Nakusp, BC Nelson, BC Trail, BC Castlegar, BC Nakusp, Phone:250 354 4210 Phone:250 364 1617 Phone:250 365 5244 Phone:250 265 BC 4051 Phone:250 354 4210 Phone:250 364 1617 Phone:250 365 5244 Phone:250 265 4051
Keeping Private Information Private Are your long-lost relatives in Nigeria emailing you about an unexpected inheritance? Perhaps the widow of a high-ranking government official is trying to leave the country with a large sum of money and you’ll receive a substantial fee for helping get it out? Tempting retirement plans, but the emails are simply a scam that would cost thousands of dollars of your hard earned money for nothing in return. These types of messages are called phishing emails. The goal is to hook a big “fish” and get money out of the person.
Agency (CRA) had outstanding tax refunds for them. To claim them they were asked to provide a significant amount of my personal information to verify their identity, so the CRA could release the money. The CRA does not hand out money randomly, whether you’re owed a refund or not; but the tactic is just sophisticated enough that it might fool some unwary people. The CRA will never ask for information via email. It is not secure. Government agencies do not randomly deposit money in your account.
The Nigerian scam emails are fairly easy to spot, and the ruse dates back to the days of fax and postal fraud. Recently phishing artists have developed techniques that are much more convincing, which might lead someone to believe the tax man needs to verify some personal information.
If you have given up personal information in response to a phishing email, then you may have provided details that can be used to steal your identity. However you can take the following steps to protect yourself from the financial damage of identity theft and prevent the possibility in the future:
• Contact credit bureaus Transunion and Equinox and make sure they flag any unwanted activity on your credit history.
out. When disposing of your old tax returns, shred the pages to protect the information. Shredders cost little and provide a great deal of protection.
Your Social Insurance Number and date of birth can be used to open bank and credit card accounts. This information appears on the Notice of Assessment (NOA) you receive from the CRA with a summary of your tax return. Keep your NOA in a safe place to protect this information. And if you lose your NOA, you cannot request another copy from the CRA. They will provide information from the NOA to you but you only receive one copy, so keep it safe.
Likewise, if you’re accused of owing unknown money to the CRA and are threatened with legal action and possible conviction, keep in mind that this is a very long process and something that doesn’t just happen without your knowledge. The CRA does not accept payments via Western Union, or credit cards, so if you are asked to make either of these payments, consult a tax professional immediately or call the CRA directly at 1(800)959-8281 to establish whether or not you actually owe them any money.
• If you move, inform the CRA as soon as possible. You do not want your tax documents to be accessed by other people. • Getting rid of old tax documents can also be a security issue. You must keep your tax records for six years before you can throw them
Personal information is now far more valuable than ever before. Treat it just as you would any other valuable good, safe and private. If you unwittingly release it, then ensure you take immediate steps to safeguard your finances and your identity.
Every deduction Every deduction and credit counts. and credit counts. A recent phishing email informed recipients that the Canada Revenue
• Cancel any credit card you may have provided in response to the email.
We can help with medical expenses.
A tax professional at H&R Block can talk about other credits and deductions that may affect you. This article provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the matearial contained in this bulletin can be accepted by H&R Block Canada, Inc.
With extensive training and experience, we know which medical expenses can be claimed - giving you a bigger refund.
Life Changes Can Change Your Tax Situation Maximum Refund For some Canadians the year 2015 was a time full of big change. They may have gotten married or welcomed a new baby, or perhaps one of their parents needed a fulltime caregiver. If you experienced a life change last year, then taxes are probably the last thing on your mind, but all of these situations can impact your return.
employee on a TD1 Form. It is quite common for employees to fill out only one TD1 Form and never update it when their tax situation changes.
You should ask your payroll or human resources department for a new TD1 Form. The updated information should be used to recalculate the amount of tax withheld. Or if you are eligible for a new tax credit, then you could also need to fill out a new TD1 Form. It can make a difference. © H&R Block Canada, Inc.
Maximum Refund Guarantee*
Have you had any life changes Guarantee* in the last few months?
days after becoming separated from a spouse or common-law partner. Marital status absolutely affects GST credits and Child Tax Benefit and it is important to update these credits as soon as possible to avoid repayment down the road.
Are you a single parent with a you Our Maximum Refund Guarantee* ensures child who turned 18 last year? get all the deductions and credits you're Did you get married? It is important to remember entitled to. Is your spouse earning Our Maximum Refund changes inGuarantee* your life impact how ensures you significantly more income this much taxand is withheld. Although ityou're get all the deductions credits year? is always nice to get a tax refund, If you answer yes to any of the entitled to. Did your spouse quit a job to stay it is even better not to pay tahe following questions, then your tax At participating offices. Some restrictions may apply. See office for details.*If H&R Block makes an error in the preparation of your tax return, that costs you any interest or penalties on additional taxes due, although we do not assume the liability for the additional taxes, we will reimburse you for the interest and penalties.
Most Canadians have their taxes money to the government in the It’s also essential that you withheld by their employer. first place. complete Form RC65 “Change Employers calculate the amount of Marital Status” as soon as you © H&R Block Canada, Inc. At participating offices. Some restrictions may apply. See office for details.*If H&R Block makes an error in the preparation of your tax return, that costs you any interest or penalties on additional taxes due, although we do of deductions based on the If you get married or have children, become married or established in not assume the liability for the additional taxes, we will reimburse you for the interest and penalties. information provided by an then your situation has changed. a common-law partnership, or 90 hrblock.ca | 800-HRBLOCK (472-5625) For more information, come in to speak with an H&R Block Tax Professional today.
at home with the children? situation has changed. It could be a good time to consult a tax Arehrblock.ca you caring| 800-HRBLOCK for an elderly (472-5625) professional to make sure you parent? have the right amount of tax come in to speak For more information, being withheld. with an H&R Block Tax Professional today.
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We'll help you maximize your refund by claiming childcare expenses and credits like the Children's Art Tax Credit and Children's Fitness Credit.
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A tax professional at H&R Block can talk about other credits and deductions that may affect you. This article provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the matearial contained in this bulletin can be accepted by H&R Block Canada, Inc.
To find out what credits you qualify for, talk to an H&R Block Tax Professional today.
Understanding Tax Brackets © H&R Block Canada, Inc.
The average person has a deep rooted fear of tax brackets. They’re like something you can’t see and don’t understand, but you know it can be bad. The first question a tax professional hears is always, “How much will I get back?” The guaranteed second concern is, “If I (do something), does that change my bracket?”
earned up to $11,327, that amount is $44,701 and $89,401 has a federal rate Tax pros are forced to use “street math” free for each person. In fact, seniors have of 22%, and overall, the BC rate is about at coffee shops and shopping malls an additional amount of $7,033, so are 33%. This is ONLY on the income above when asked the inevitable question, © H&R Block Canada, Inc. much will $1000 RRSP save me?” able to earn $18,360 before being taxed $44,701, not for all income. Everyone “How at all. Couples and families can share getshrblock.ca the lowest rate| on the lowest It’s easy! For income below $12,000, 800-HRBLOCK (472-5625) credits and can have a bigger portion income. Although you’ve gone into you won’t save any tax, since you’re not of their income free from tax. Not so the “next bracket”, the higher rate only paying any. For income up to $45,000, the higherfor, income. Now you you save about $220. Most common, the frightening. To find out what creditsapplies you toqualify can relax. RRSP last minute scrambler, the person talk tofirst an$11,327 H&Rremains BlockfreeTax While the for Professional today. between $45,000 and $90,000 saves everyone, bracket number one includes “about a third”. After $90,000 of income, Get every deduction income up to $44,701. It has a federal rate you should have done some planning. of 15% and BC tax is closely estimated for your family. at about half of that. That means that The tax bracket is a very small part of the We’ll help you maximize your you pay between 21% and 23% tax in tax return. Keep in mind that a significant refund by claiming childcare the first bracket. This also means that number of other credits that we get are you SAVE the same amount with any based on our net income such as Child expenses and credits like the deductions that you have such as (but Tax Benefit, Working Income Tax Benefit, Children’s Art Tax Credit and not limited to) moving expenses, RRSP GST cheques and BC Medical Premiums. Children’s Fitness Credit. contributions, union dues or child care Savings overall can be much greater expenses. By applying these deductions than the actual tax paid, especially for and reducing taxable income, you get people in the lowest tax bracket and to stay at the lowest rate. The third bracket applies to income for those in family situations. What is between $89,401 and $138,586 at just more frightening than understanding The second tax bracket is the most under 40% which climbs to 46+% after which tax rate applies, is actually, not ominous to the low income earner who $138,586. Those are scary, but that’s seeking professional help to see how to can’t afford to pay any more than they when deductions like RRSP contributions maximize the other benefits that may apply to you. already are. Income earned between can really make a difference.
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To find out what credits you qualify for, talk to an H&R Block Tax Professional today. Tax brackets can be a little hard to understand because there are federal tax brackets and provincial brackets, and they never line up. Each province is different. In the province of BC, a close guideline when you’re estimating provincial tax would be approximately half of the federal tax. For 2015, there are four federal tax brackets found on Schedule 1, but even that is misleading, there are really 5 tax brackets. The first bracket is income
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© H&R Block Canada, Inc. At participating offices. Some restrictions may apply. See office for details.*If H&R Block makes an error in the preparation of your tax return, that costs you any interest or penalties on additional taxes due, although we do not assume the liability for the additional taxes, we will reimburse you for the interest and penalties.
© H&R Block Canada, Inc. At participating offices. Some restrictions may apply. See office for details.*If H&R Block makes an error in the preparation of your tax return, that costs you any interest or penalties on additional taxes due, although we do not assume the liability for the additional taxes, we will reimburse you for the interest and penalties.
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