2024 March Newsletter– Streamline Accounting Professional Corp

As we enter the tax season, we’re excited to share some updates designed to streamline our personal tax preparation process: 


2023 Tax Preparation Fee:
  We’ve updated our fee structure for enhanced transparency and fairness. The base fee is now $99+GST, with additional charges based on specific items required for your tax preparation. This change aims to simplify billing and maintain costs similar to last year for unchanged situations. Details are available on our website. 

Document Submission: Please use the online tax preparation checklist sent earlier to upload documents or drop them off at our new office (Bay 8, 4101 19th Street NE) where parking is available. 

Value-Adding Services: since we are doing a lot of personal taxes every year, if we notice some tax saving tips while preparing your taxes, we will send you a note. Please look for the “Helpful tips” in your tax package for those advice.  

Our Growing Team

Streamline Accounting Professional Corp is expanding. Our team now includes familiar faces such as Kiyo, Yukari and Margaret, and new members like Noreen Flancia and Cheng Jia, who are diligently working towards their CPA designations. If you receive an email from them, please read, it’s not a scam. 

New Team Members

Photo of Noreen
Photo of Cheng

Noreen Flancia
 A CPA designated in the Philippines, bringing international expertise to our team.

Cheng Jia
Completed all of his Canadian CPA courses, and he is on the way to gain practical experience to become a CPA.

The most important 3 changes you need to be aware for 2023 personal tax filing.

  1. Electronic Payments Required Above $10,000 

Starting from January 1, 2024, remittance or payments to CRA should be made electronically if it’s more than $10,000, otherwise penalty may apply.

https://www.paysimply.ca/cra/ 

  2. Be aware! Real Estate Anti Flipping rules. 

Effective 2023, if you purchase a real estate property and then sell it within 365 days, the profit will be considered as business profit not capital gain. There are exceptions to this rule such as death of a family member, work relocation, marriage breakdown, etc. Capital gain means only 50% of the profit is included into the income, business profit includes 100% of the profit. In addition, business profit also subject to CPP and possible GST issue.   

  3. First Time Home Saving Account (FHSA) Reporting Required 

If you opened up a FHSA account in 2023, please let us know, we need to fill out a special schedule this year even though you didn’t contribute into that account. So, please notify us if you had opened an FHSA account in 2023.