Worthylake Tax Services

03/18/2025

https://www.youtube.com/watch?v=UbhyGO6OSvg

Tens of thousands of tax accounts have been hacked and hundreds of millions of dollars lost as criminals steal identities and file bogus returns. Could the C...

03/04/2025

75% OF CANADIANS DO THIS.... DO YOU?

Almost 75% of Canadians rely on a tax service to prepare their taxes each year.
Many Canadians procrastinate knowing all to well that the deadline for filing to avoid penalties and interest is April 30! In March and early April the deadline seems soooo far away and all Canadians think they have lots of time.

However… I will share an inside tip!

All tax preparers I know liken tax season to the Christmas Rush. As the deadline begins to creep up the telephone inquiries begin to spike, people scramble to get paperwork they have not received or are missing. Clients attempt to book a sit down with a preparer only to find there are no mutually convenient spots available. This all attributes to an avoidable stressor no one wants

Meeting with your tax preparer early allows time to have your return professionally assessed, evaluated and recommendations made to reduce your personal tax liability.
Are you a contract worker, entrepreneur, commissioned employee, sold a rental or principal residence, have foreign income, have not filed for several years, are disabled or have children with disabilities, student, senior, have significant medical expenses, want to purchase a home, hope to secure your retirement? And on and on….

An early meeting with your tax preparer will review scenarios and provide options and provide organizational pathways for you to reduce your tax bill placing more money in YOUR pocket.

I would advise you to seek a tax consultant early in the season, call them, ask questions, choose one that seems to be a good fit for your needs and personality and someone who will patiently take the time to answer your questions.

Wade, of Worthylake Tax Services enters his 35th industry year, is 50% Cape Bretoner, 50% Canadian and looks forward to serving you and answering any questions you may have. He is “newly” located in Hubbards NS.

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02/14/2025

HOME OWNERSHIP WITH AN RRSP!
March 3, 2025 Purchase Deadline

It’s a smart financial strategy to consider RRSPs not only for retirement but also as a tool to facilitate the purchase of a first home. For anyone looking to leverage this opportunity, they should start contributing as early as possible to maximize benefits. If you have more specific questions about RRSPs, HBP, or home buying strategies, feel free to ask!

1. Tax Deduction: Contributions to an RRSP can be deducted from taxable income, reducing the tax bill for the year. This may lead to a tax refund that could be invested back into the RRSP for further growth.
2. Tax-Free Growth: Investments within an RRSP grow tax-free until withdrawal. This allows for accumulated savings to build, which is crucial in saving for a home.
3. Home Buyers' Plan (HBP): Under the HBP, first-time homebuyers can withdraw up to $60,000 from their RRSP without paying tax at the time of withdrawal, provided they repay the amount within 15 years.
4. Early Contribution Benefits: Starting RRSP contributions early in one’s career can lead to greater compounding benefits over time, ultimately resulting in a more substantial savings amount for a home purchase.
5. Misconceptions: Many young adults tend to view RRSPs solely as retirement savings vehicles. Educating them about the benefits for home ownership can help shift this perspective.