Tips & News.
After many fulfilling years in practice, I will be retiring as of December 31, 2025. It has been a pleasure to work with you and support your business over the years, and I thank you for putting your trust in me as your advisor.
I’m pleased to announce that Nikki Hackenbrook will be transitioning on to my files to ensure that your needs continue to be looked after. Nikki is a Chartered Professional Accountant and Licensed Public Accountant with a strong background in financial management and public accounting. She brings energy, expertise, and a commitment to personalized service that I know you’ll appreciate. She can be reached at nikki@ctt-cpa.ca or (905) 876-4633 ext. 212.
I will continue to offer support during this transition to ensure it is as smooth and seamless, especially for complicated tax matters. For those of you who have also worked with Bruce, he has not retired yet and can be reached at bruce@ctt-cpa.ca or (905) 876-4633 ext. 218.
Thank you for your trust and support. I wish you continued success and all the best in the future
A MESSAGE FROM DAVID TURNBULL
CLIMATE ACTION INCENTIVE
The climate action incentive (CAI) payment consists of a basic amount and a 10% supplement for residents of small and rural communities. This payment may reduce your amount payable or increase your refund when you file your income tax and benefit return.
For more information, please click here
SALE OF YOUR PRINCIPAL RESIDENCE
Since 2016, the Canada Revenue Agency has required that you disclose the sale of your principal residence on your personal income tax return. Failure to report the sale may result in a penalty.
For more information on this requirement, please click here
THE CANADA CAREGIVER CREDIT
If you support a spouse or common-law partner, or a dependent with a physical or mental impairment, then the Canada caregiver credit (CCC), a non-refundable tax credit, may be available to you.
For more information on this credit, please click here
TEACHER & EARLY CHILDHOOD EDUCATOR SCHOOL SUPPLY TAX CREDIT
If you work as a teacher or ECE, you may be eligible to claim a 15% refundable tax credit based on an amount of up to $1,000 of purchases of eligible teaching supplies.
For more information on this credit, please click here
DIRECT DEPOSIT
If you receive at least one of the following payments from the CRA, you can sign up for direct deposit:
-
income tax refund
-
goods and services tax/harmonized sales tax credit and any similar provincial and territorial payments
-
Canada child benefit and any similar provincial and territorial payments
-
working income tax benefit
-
deemed overpayment of tax
For more information how to sign up for direct deposit, please click here
PROTECT YOURSELF AGAINST FRAUD
If you receive a phone call, email or text that is suspicious, please read the following information before disclosing any personal information. In some cases, it may be a scam from an individual or organization posing as the Canada Revenue Agency.