Tax Doctors Canada saves retirees $4500 in taxes and discover possible back tax refunds of $15000
Two retired individuals came into to Tax Doctors Canada recently. They have been preparing their income tax returns by themselves. We analyzed their tax situation after preparing the tax returns to determine if there were any tax savings. Garry had missed a tax deduction on his tax return! This saved Garry and his wife approximately $1,500 in taxes. The deduction specifically related retirement income. The added tax deduction also reduced his OAS clawback. Garry can file a tax adjustment to correct his back taxes and receive the additional refund that he is entitled for any prior years. Another bonus for Garry.
In addition, Garry was receiving many T3’s and T5’s with taxable income i.e. interest, dividends and capital gains. We informed Garry that a different structure for his investments would reduce these distributions and consequently his tax bill. Different investment structures pay different amounts of income tax. Why not structure your financial portfolio to reduce your tax bill?
Garry is also required to pay tax installments. The tax installments are required if you owe a certain amount of income tax. If you owe more than a certain amount of tax, then the government wants you to pay your tax bill in advance. After adjusting Garry’s tax situation, his tax payable was reduced; therefore, Garry will no longer be required to pay tax installments. Consequently, Garry is left with more cash in his hands.
In the end, Tax Doctors Canada saved Garry about $4,500. Garry can also file an adjustment to correct his back taxes to receive the additional refund that he is entitled. This could be $15,000 in Garry’s pocket. A nice find.
Garry paid the experienced tax accountants at Tax Doctors Canada to prepare his tax return. This investment saved Garry his own time and a significant amount of money in tax savings. Garry stated when he came in that he just didn’t have the time to do it. Well, Garry saved himself some valuable time and received a large tax refund.
Tax Doctors Canada has 3 office locations in (by appointment only) in Toronto, Markham and Mississauga to serve you. You can also have one of our certified tax accountants assist you with your personal tax return requirements remotely from the comfort of your home utilizing Tax Doctors Canada's secure document transfer portal. We accept clients from Canada and worldwide.
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