KasTek Enterprises - Income Tax Preparation - Dorchester, Ontario

03/26/2025

Tax season is in full swing here at KasTek. Please note that MANY investment-related T-slips are very late this year, due to the Liberal Government's Capital Gains boondoggle. If you're waiting for slips, please contact your financial institution to ask when they will arrive.

T3 - Mututal Funds
T5 - Bank Accounts
T5008 - Securities
T5013 - Limited Partnerships

Send a message to learn more

12/24/2024

HERE IS WHAT'S NEW ON THIS YEAR'S 2024 INCOME TAX RETURN...

Capital Gains Inclusion Rate:
Prior to this year, we were only taxed on 50% of our Capital Gains income. For example, if we sold a second property (cottage) and made $200,000.00 on it, we were only taxed on $100,000.00 of this income. Now, for any Capital Gains realized after June 24, 2024, we are taxed on 66.7% of the income over $250,000.00. See details here...
https://www.canada.ca/en/department-finance/news/2024/06/capital-gains-inclusion-rate.html

Volunteer Firefighter and Search/Rescue Volunteer Tax Credit:
For those who are currently eligible to claim this credit, it has increased from $3,000.00 to 6,000.00 this year, See details here...
https://www.canada.ca/en/department-finance/news/2024/04/government-to-increase-tax-credits-for-volunteer-firefighters-and-search-and-rescue-volunteers.html

RRSP Home Buyers Plan Withdrawals:
The first-time home buyers plan withdrawal limit increases from $35,000.00 to $60,000.00 and the repayment period date can now be deferred by 5 years. See details at this link...
https://www.advisor.ca/tax/tax-news/feds-boost-home-buyers-plan-withdrawal-limit-to-60000/

Bare Trust Exemptions:
Last year, there was quite a mess surrounding a new requirement to register a Trust and file a T3 Trust Return for folks who had cursory/joint ownership of property for convenience or estate-planning purposes. This caused quite a stir since the rules were poorly outlined and most accountants simply had to "guess" as to whether or not there was a filing requirement? Due to this mess, the CRA has indicated that there are NO requirements for filing these for the 2023 or 2024 tax years, while they attempt to resolve the issues. There is also an indication that they will be clearly identifying the following EXEMPTIONS from this requirement in future:
- where a parent is on a property title to help a child obtain a mortgage
- where a child is added on title for a parents home for estate planning purposes
- where spouses live in the same home but only one spouse is on the title
See details here...
https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html

We're here for all of your income tax questions -- don't hesitate to give us a call/email/message -- we're happy to help.

KasTek -- where we treat EVERY tax return like it's our own!

02/12/2024

New rules for employees who work from home in 2023...

If you’re one of the mil­lions of Cana­dians who worked from home dur­ing 2023, either full time or on a hybrid-work arrange­ment, you’ll need to take some extra time this tax fil­ing sea­son if you want to claim a deduc­tion for your home-office...

02/04/2024

See our Flyer in the Dorchester Signpost this week...use the handy checklist to gather up your tax information!
We're here for all of your income tax questions -- don't hesitate to give us a call/email/message -- we're happy to help.
KasTek -- where we treat EVERY tax return like it's our own!

01/21/2024

HERE IS WHAT'S NEW ON THIS YEAR'S 2023 INCOME TAX RETURN...

First Home Savings Account – works similar to an RRSP but is used to save for your first home. Annual contributions up to $8,000.00 may be deducted on your tax return, up to a lifetime maximum of $40,000.00...
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

Multigenerational Home Renovation Tax Credit - deduct home renovation expenses up to $50,000.00 to create a self-contained secondary residential unit in your existing home, to allow a senior or disabled person to live with a relative. Must be a self-contained unit with a private entrance, kitchen, bathroom and sleeping area...
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/multigenerational-home-renovation-tax-credit.html

Labour Mobility Deduction – construction tradespersons and apprentices may be able to deduct transportation, meals, temporary lodging and relocation expenses for temporary work in remote locations -- must be at least 150 km's from home for at least 36 hours and incur overnight lodging costs...
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/labour-mobility-deduction.html

Residential Property Flipping Rule - may be penalties if a residential home is bought & sold within 365 days...
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/residential-property-flipping-rule.html

ELIMINATED THIS YEAR -- The "Simplified Method" for calculating the COVID Work-From-Home deduction based on the number of days that you worked from home

ELIMINATED THIS YEAR -- Ontario Seniors "Care at Home" Tax Credit

We're here for all of your income tax questions -- don't hesitate to give us a call/email/message -- we're happy to help.

KasTek -- where we treat EVERY tax return like it's our own!

04/20/2023

We did it again -- just passed the $1,100,000.00 threshold in total tax refunds for this 2022 filing season -- and there's still a couple of weeks to go -- that's $1.1 million dollars in refunds for our customers so far this year! UPDATE: At year end the total was over $1.5 Million in refunds for our customers on their 2022 income tax returns!

01/09/2023

HERE IS WHAT'S NEW ON THIS YEAR'S 2022 INCOME TAX RETURN...

Ontario "Staycation" Tax Credit -- for tourism and travel throughout Ontario:
Get a 20 per cent personal income tax credit on eligible accommodation between January 1, 2022 and December 31, 2022 -- up to a maximum of $1,000.00 for an individual or $2,000.00 for a family.
https://www.ontario.ca/page/ontario-staycation-tax-credit

Ontario Low-income Individuals and Families (LIFT) Tax Credit:
https://www.ontario.ca/page/low-income-workers-tax-credit

Seniors "Care at Home" Tax Credit:
For taxpayers 70 years of age and older, can claim an additional amount for Medical Expenses such as Attendant Care, Glasses, Dental, Hearing Aids, Wheelchairs, Walkers, Bathtub Grab Bars, Diapers, Oxygen, Renovation to Enable Mobility, etc. Note that this IS IN ADDITION to claiming THESE SAME amounts as Medical Expenses
https://www.ontario.ca/page/ontario-seniors-care-home-tax-credit

Ontario Seniors "Home Safety" Tax Credit:
For taxpayers over age 65, claim expenses paid to make your home safer and more accessible, ramps, handrails, walk-in showers, etc
https://www.ontario.ca/page/seniors-home-safety-tax-credit

Disability Tax Credit Enhancements:
Taxpayers with Type 1 Diabetes are now eligible -- see us for details on how to claim
https://www.diabetes.ca/advocacy---policies/the-rights-of-people-living-with-diabetes/tax-credits

New Labour Mobility Deduction (LMD) for workers temporarily working in another city:
Up to $4,000.00. Must be a tradesperson or apprentice. Must be moving there to maintain or start employment. Must be > 150 km's
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/labour-mobility-deduction.html

Eligible Educator (Teacher) Supplies Credit:
Increased to 25% and added computers, etc
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-46800-46900-eligible-educator-school-supply-tax-credit.html

Cost Of Living Relief Act – Dental and Rental Benefits (taxpayers must apply online via CRA's MyAccount)
https://www.canada.ca/en/revenue-agency/services/child-family-benefits/dental-benefit.html
https://www.canada.ca/en/services/taxes/child-and-family-benefits/top-up-canada-housing-benefit/who-apply.html

First Time Home Buyers Credit – increased from $5,000.00 to $10,000.00

We're here for all of your income tax questions -- don't hesitate to give us a call/email/message -- we're happy to help.

KasTek -- where we treat EVERY tax return like it's our own!

07/05/2021

We just passed the $1,000,000.00 threshold in total tax refunds for the 2020 filing season -- that's $1 million dollars in refunds for our customers so far this year!

04/15/2021

Only two weeks to go until the tax filing deadline for Individuals. We're very busy, but always have time to assist anyone who needs a hand with their return(s).

If you're confused about the different options available to claim the "COVID-19 Work-From-Home Deduction" on this year's return, we've compiled a handy cheat-sheet for you.

Enjoy...

03/05/2021

Here's a list of lesser-known deductions...

- Union and Professional Dues - the ones that show up on your T4 slip are obvious, but did you know that you can also claim your dues paid to the College of Nurses of Ontario, Ontario College of Teachers, Trade Unions, Orthodontics Association, OACETT, and other associations?
- Tradespersons/Apprentices - did you know that you can claim the cost of your tools (to a limited amount)?
- Teachers - did you know that you can claim the costs of School Supplies that you provide for your class?
- Online Subscriptions - did you pay for any online newspapers or other sources of online media?

If you have questions, don't hesitate to contact us!
519-268-0969

02/23/2021

Did you relocate in order to start a new job -- moved at least 40 km closer to your new work location? If so, you may be able to deduct your Moving Expenses against the income that you earned in the new location, including...

- travel expenses like gas and meals (no receipts required as simple method allows standard per meal and per km rates)
- truck/van rental or moving company fees
- temporary living expenses (hotel, lodging)
- incidental costs like address changes on legal documents and licenses, utility hookups/disconnects, etc
- costs incurred to maintain your old home while vacant until it is sold (interest, property taxes, insurance, utilities)
- costs to sell your old home (legal fees, real estate commissions, mortgage penalties, advertising)
- costs to purchase your new home (legal fees, transfer fees)

Feel free to contact us if have have any questions!

02/09/2021

Students and Parents...Income Tax Tips...
- Did you repay any Student Loan Interest in 2020? If so, download your receipt and claim it on your tax return.
- Did you have to move to attend school? If so, you may be able to claim your moving expenses.
- If you didn't use all of your tuition credits last year, you can carry them forward and use them this year.
- Did you know that Bursaries and Scholarships are not taxable, as long as you paid tuition that year?
- Did you live in Residence or pay Rent while you were away at school? If so, you may be eligible for the Ontario Trillium Benefit.
- Parents, did you know that you may be able to transfer up to $5,000.00 in tuition credits from your children, to be claimed on your own return?
- Students need to obtain the T2202A slip from their post-secondary school in order to claim their tuition credits. They may print it via the school website or school email account -- or may receive a paper copy in the mail.
- Even if you didn't have any income last year, file a tax return so that you can get your free benefits, including GST/HST, Trillium, Climate Action Incentive, Tuition Transfer/Carryforward, etc.
- Lastly, we all started to accumulate the new "Canada Training Credit" on last year's tax return. If you paid tuition in 2020, you can apply the credit against the tuition that you paid.

Feel free to contact us if have have any questions!
https://www.facebook.com/KastekEnterprises

Complete Income Tax Preparation and Electronic Filing (eFile) Services -- Certified Income Tax Cons