Here's some expert advice for this tax season
Tax season is officially underway, and while it may be easy to put it off, one expert strongly recommends tackling tax returns head-on to avoid any last-minute rushes before the April 30 deadline.
"You want to avoid any surprises," said Rob Katzman, the owner of A Taxing Situation in Alliston. "If you file your tax return at the beginning of March, and you end up owing money, you have two months to save up and pay your bill."
And in the event of tax returns... "It's your money. Don't you want it now?" he added.
- Download the CTV News app to get local alerts on your device
- Get the latest local updates sent to your email inbox
Katzman, who has been serving clients in Alliston since 2017, stressed the value of working with reputable accountants to alleviate the stress associated with tax season. Establishing a strong, trusting relationship with tax handlers can streamline the process and ensure compliance with ever-evolving tax regulations.
"There are so many changes that happen from a year-to-year basis. Unless you're working in the industry, it's difficult to keep up with them. A lot of the changes may apply to you or may not," he noted.
One notable change for the 2024 tax season is the shift in federal income tax bracket thresholds compared to the previous year. Additionally, a significant alteration affecting an aging demographic is the requirement for all trusts exceeding $50,000 in value to be registered.
"It is for all trusts that are in existence no matter when they were started. Most people don't even realize that they have a trust," Katzman said.
This change particularly impacts parents co-signing children's bank accounts, managing elderly parents' finances, or co-signing mortgages to aid children in property purchases.
Katzman warned that failing to register trusts could prove costly, as penalties start at $10,000 and could be as high as five per cent of a trust's value.
Tax-preparers could also be held accountable.
"If you have a trust situation, and I don't ask you about it, I'm actually liable to a $2,500 fine," the A Taxing Situation owner stated.
Katzman said the cost of registering a trust varies by case and that a trust return should be filed with the help of a professional.
He also reminds eligible clients to apply for the "multi-generational home renovation tax credit" and for potential new homeowners to open a "first-time home ownership savings plan."
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6977430.1721929538!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'There's mom and dad's house': New video appears to show destruction of Jasper neighbourhood
Video posted to social media on Thursday morning appears to show the charred remains of a Jasper, Alta., neighbourhood.
LIVE NOW Multiple homes, businesses 'lost' to wildfire in Jasper National Park: Parks Canada
Officials from Parks Canada and Jasper say "multiple structures, including a number of businesses and homes, in and around the town of Jasper, have been lost" to wildfire in Jasper National Park.
Prince William's 2023 salary revealed in new report
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
Jennifer Aniston criticizes JD Vance for 'childless cat ladies' remarks: 'I pray that your daughter is fortunate enough to bear children'
Jennifer Aniston is criticizing JD Vance for comments he made in his past about women without children.
WATCH LIVE Alberta premier fights back tears, promises help as Jasper devastated by fire
Alberta Premier Danielle Smith fought back tears Thursday as she sought to console Jasper residents coming to terms with a community devastated by wildfire.
NASA says no return date yet for astronauts and Boeing capsule at space station
Already more than a month late getting back, two NASA astronauts will remain at the International Space Station until engineers finish working on problems plaguing their Boeing capsule, officials said Thursday.
'Skibidi Toilet:' If you don’t know what it is, you will
'Skibidi Toilet' is already an internet sensation and now its about to get even more exposure.
French sprinter will wear a cap during Olympic opening ceremony after hijab dispute is resolved
French sprinter Sounkamba Sylla will be allowed to participate in the opening ceremony at the Paris Olympics wearing a cap to cover her hair, an agreement reached with the French Olympic Committee after Sylla said she was barred because of her hijab.
Spicy dispute over the origins of Flamin' Hot Cheetos winds up in court
A former PepsiCo executive is suing the company, saying it destroyed his career after questioning his claim that he invented the popular flavor of Cheetos snacks.