Beacon Tax Services

04/12/2025

https://youtu.be/zl5F2ePCjQg?si=DZUmO4pdkmDGTwWL

A glitch in the popular tax return filing software, Turbotax, allowed people to claim a child tax credit they weren’t eligible for. Now, the Canadian Revenue...

02/22/2025

📢 Tax season is here! We're extending our hours to serve you better. 💯
Check out our new March & April schedule!📅
4m

01/24/2025

📜💰 Filing taxes annually in Canada isn’t just about following the rules—it’s your key to unlocking refunds, benefits, and financial opportunities! Stay compliant, avoid penalties, and make sure you’re getting the credits you deserve. 💸✨

Q: Is filing taxes in Canada a legal requirement?
A: Yes, the Canada Revenue Agency (CRA) requires all individuals and businesses to file income tax returns annually. Not doing so can lead to penalties, interest, and potential legal consequences.

Q: What benefits or credits can I access by filing taxes?
A: Filing ensures you can access benefits like:

GST/HST credit: Quarterly payments to offset sales tax.
Canada Child Benefit (CCB): Financial support for parents of children under 18.
Climate Action Incentive Payment: Rebates for residents in provinces with carbon pricing.
Many provincial and territorial tax credits are also calculated based on your tax return.

Q: How does filing taxes affect eligibility for government programs?
A: Your tax return helps determine eligibility for programs like the Canada Workers Benefit, Disability Tax Credit, or other financial assistance programs.
Q: What happens if I don’t file my taxes on time?
A: You may face:

A late-filing penalty of 5% of the amount owed, plus 1% for each month your return is late (up to 12 months).
Interest on any unpaid taxes.

Q: Can I get a tax refund if I overpaid during the year?
A: Yes, filing your taxes allows the CRA to calculate any overpayment and issue a refund.

Q: How does filing taxes help with financial matters like loans or RRSPs?
A: Tax returns serve as proof of income when applying for loans or mortgages. Filing also tracks your contribution room for Registered Retirement Savings Plans (RRSPs), enabling you to save for retirement while reducing taxable income.

Q: Can late or missed filings increase CRA scrutiny?
A: Yes, failing to file taxes can raise red flags and increase the likelihood of audits or investigations. Filing regularly and accurately reduces this risk.

12/20/2024

Taking a holiday pause to recharge and celebrate!🎄
We'll be back on January 6th 2025 to serve you. Wishing you a wonderful season of joy and peace. ✨