What’s In This Email

• 2024 Tax Season Survival Guide for Canadians

• Struggling with your business? Don’t give up!

• Do something different with someone special

• Toronto Michelin Diner: The Ace

• Notable Spotlight: Alter

• Notable Plug 🔌 

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2024 Tax Season Survival Guide for Canadians: Don't Miss Out on Your Money!

Filing taxes can be overwhelming, but it doesn't have to be. This guide breaks down key tax tips to help you maximize your refund (or minimize what you owe). Canadians, take note!

Get Organized and Save Money:

• Gather your T4, T4A and T4E slips to determine your income. (Tip: T4A shows your RRSP contributions for retirement savings!)

• Consider Tax-Free Savings Accounts (TFSA) vs. Registered Retirement Savings Plans (RRSPs) to save on taxes depending on your goals.

• Understand how TFSA and RRSP contributions affect your taxes. Avoid over-contributing to RRSPs!

• Keep track of investment interest payments - some may be tax-deductible.

Working From Home

• Claim a portion of home office expenses (electricity, internet), but the simplified method is no longer available.

Self-Employed?

• Set aside 15-25% of your income for taxes since they aren't deducted from paycheques.

Business Owners

• Track your operating costs - many business expenses can be deducted.

Selling a Business?

• Understand the tax implications - you may be subject to multiple taxes.

Other Important Notes:

• Divorcing couples can avoid extra taxes when dividing investments.

• Be aware of tax implications when jointly owning assets with your child.

• Bare trusts may be exempt from reporting in 2023, but learn more if you share assets.

• Child support payments cannot be deducted by the payer but are tax-free for the recipient.

• Transfers between registered accounts are generally tax-free (TFSA) or tax-deferred (others).

• You still owe taxes on income earned abroad, but Canada offers a foreign tax credit to avoid double taxation.

• Plan ahead for tax changes if you expect to retire abroad.

• Consider opting out of CPP contributions if you're retired and still working.

• Be mindful of tax implications when investing in U.S. assets.

• Adjust your income tax withholdings to avoid giving the CRA an interest-free loan.

• Never lie on your tax return - the CRA has access to your financial information.

• Track and claim deductible expenses if you own income property.

• Capital gains taxes can be reduced by utilizing tax brackets.

• Check if your home renovations qualify for tax deductions (especially green renovations).

• Keep your tax documents for 6 years (or longer for business property) in case of an audit.

• Filing taxes for a deceased person can be complex - seek help from a professional.

Why this matters: This guide empowers you to navigate the tax system and potentially save money. Remember, staying organized and informed is key to a smooth tax filing experience.


Read the full article here.

Struggling With Your Business? Don't Give Up Just Yet! Here's How to Decide

Entrepreneurs, this is for you! Running a business is tough, and sometimes you just want to quit. But before you throw in the towel, this guide will help you assess the situation and make the best decision.

Key takeaways

• Feeling burnt out? It's a common problem for entrepreneurs. Take a step back and assess your situation before making any rash decisions.

• Identify your business weaknesses. Are there gaps in your systems? Are expenses outpacing your revenue? Are you struggling to find good clients or team members?

• Focus on solutions. There are ways to fix these problems! You can improve your business efficiency, streamline processes, and find better clients and team members.

• Seek support. Don't go it alone! Talk to a business coach or other entrepreneurs for guidance and encouragement.

• Celebrate your wins! Even small victories can keep you motivated during tough times.

• Letting go is okay. If you've been burnt out for a long time, selling your business might be the best option.

Why this matters: Many millennials are starting their own businesses. This guide can help you avoid burnout and make smart decisions about your business, whether you're just starting out or facing challenges.

Read the full article here.

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Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.