| Happy New Year and Let’s get ready for tax season! |
 This newsletter is from the desk (and mind) of Brenda 🙂 The Omni Team would like to take this opportunity to update you so you are ready for the 2024 tax filing season. We hope that each and every one of you stays off CRA’s naughty list! Do you know what you get if someone crosses a Snowman with a Shark? The filing deadline for most Canadian taxpayers is April 30, 2025. If either you or your spouse / common-law partner is self employed, the filing deadline is June 15, 2025. No matter the filing deadline, if you owe, you’ll need to make your payment to CRA by April 30, 2025 to avoid penalties and interest.  From our friends at Xero, this month’s contest is to help inspire those winter walks with your 4-legged buddy. They have generously provided a knit toque, insulated coffee mug, dog bandana and leash. If you don’t have a dog, we’d be happy to see you pass them on to someone who does. Kona is rockin’ his bandana and leash (each of the office dogs received a set).Our tax season hours will begin on March 4, 2025, open from 8:30 am until 6 pm (Tues – Thurs) and 8:30 am until 5 pm on Fridays. We will be available for a limited number of pre-booked appointments on Mondays, between 10 am and 2 pm beginning March10th, 2025 through our online booking https://outlook.office365.com/owa/calendar/OmniManagementServicesLtd1@omnimanagement.net/bookings/. Should you need to make an appointment outside of our regular business hours, please call our office, we will do our best to accommodate you. You can drop your taxes off during office hours. We will again have a scanner available for your use or you can wait for your documents to be scanned and returned to you. We request that you not use staples on your papers, as they significantly slow the scanning process and increase the risk of damaged documents and paper jams from repeated staple removal. Whenever possible, we do not want client documents left in our office and request that you check your files to ensure you picked up all prior year documents. We have a list we can quickly check when your call or come in, please ask and remind us. If you are sending them electronically, please upload them in .pdf format to Tax Folder or send them securely to incometax@omnimanagement.net. Please do not send them to our individual emails. Also make certain that they have been scanned in .PDF format. Also remember that we cannot begin processing personal income tax until CRA certifies the software. For the 2024 filing season, February 24, 2025 is the tentative date according to the CRA website. Please make sure that you have all your slips prior to bringing in your tax, the CRA penalty for unreported income is 20% of that income. We continue to offer as many options as possible for you to pay your invoices including Pre-authorized Debit (PAD), Square, PayPal, E-transfer, credit card, cheque and of course cash. We have a dedicated email address for those who prefer to use E-transfer which does not require a password to be set up receivables@omnimanagement.net. We have been informed that is a slightly more secure & simpler option for some people as there is no password to remember. We can also offer an E-transfer option with a direct request from our bank to yours, this is a bank to bank transaction and very secure. The Federal government has extended the Charitable donation period to match the RRSP purchase deadline for the 2024 tax season. This means you can claim any charitable donations made between January 1, 2024 and February 28, 2025 on your 2024 personal tax return. They have not extended it to March 3, 2025 to exactly match RRSPs dates. If you have some last-minute donations you want to make, have a look at www.canadahelps.org . Their website has information about ways to give, a list of charities, and downloadable tax receipts. Remember that RRSP season generally runs from March 1 to February 28. For 2025, the deadline to contribute is March 3, 2025. This is the last day to contribute to an RRSP eligible for a deduction on your 2024 tax return. Your receipts from the first 60 days of 2024 should have been claimed on your 2023 tax return. If you did not claim them last year, you will need to file a T1-Adj for 2023 to include the RRSP. They cannot be added to your 2024 return. If you turned 71 during 2024, this is also the last contribution you can make to your own RRSP. After December 31 of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spouse or common-law partner’s RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year you make the contribution. New capital gains rules: The Canada Revenue Agency had already been collecting higher capital gains tax based on changes that were never passed in legislation; the federal government now says those changes will not happen at all until after the next federal election. Effective January 31, 2025, the CRA has confirmed that the capital gains tax increase has been delayed until 2026. We will not be providing paper copies of tax returns beginning January 2025, sending the full digital copy of your return via Tax Folder. This enables you to print off copies of any or all forms should you prefer paper records. If you request paper copies of your income tax return, a fee of $30.00 per return will apply. If you have sold stock in your non-registered accounts (Not RRSP, TFSA, RRIF etc.) during 2024, please make certain you include the purchase and sale information plus any commissions or fees you paid with your tax slips. Now for the contest details – Unscramble the words to and tell us which doesn’t belong ROTCAR TAPROOT IONNO COILCROB CAPHE YERCLE Email your answer to contests@omnimanagement.net, we will draw a name from all correct entries received before 5:00 pm on February 14th. Sincerely Yours; The Omni Team PS – the answer to the riddle is frostbite |
Call us: (403) 291-9047 Toll Free: 1(877) 807-2335
