Tax Preparation Services, Tax Services and Bookkeeping Services

Tax Tips in Dryden

Timson Tax & Bookkeeping Service offers individuals and business owners alike professional assistance to get the most of all allowable credits. You’ll appreciate our dedication to providing answers to all your inquiries, and even answering questions you didn’t ask.

Schedule a consultation with our tax specialists today. Call us at (807) 223-7984.

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Located in Sioux Lookout servicing Dryden, Sioux Lookout and Red Lake

Filing Deadlines at Timson Tax & Bookkeeping Service

Our team exists to file you taxes on time, every time.

A Canadian tax return for individuals is due April 30th each and every year.

A return for a sole-proprietor and his/her spouse or common-law partner is due June 15th, keeping in mind that a small business with a balance due needs to pay that balance by April 30th to avoid penalties and interest. Our company policy is, if you request our service before the deadline, we work round the clock to ensure your return is filed on time.

With us, you’ll find the support and resources you need to stay compliant every year. Processing your return is a time-sensitive issue. Get in touch with us today to get started!

Clawback Zones and Base Income Limits

CRA has set clawback zones for Social Benefits received. When EI and OAS income exceeds those limits, you pay back a portion of your EI and OAS income directly on your tax return.

Many other non-refundable, refundable, Federal and Provincial credits have base income limits in place. These credits include:

  • Spousal Amount
  • Care Giver Amount
  • Medical Expense
  • Age Amount
  • Canada Workers Benefit
  • Refundable Medical Expense Supplemant
  • Canada Child Benefit
  • Goods and Services Tax Credit
  • Provincial Credits
  • And more

Talk to an expert today.

Planning Your RRSP Contribution

Our tax professionals will walk you through your options with an RRSP contribution plan before the deadline. We’re committed to helping you get the most of your contribution every year. The RRSP contribution deadline is the end of the first 60 days of the current year. This allows you to have those final year end income totals. We encourage you to come in to see us in January to prepare a comprensive RRSP plan with clear numbers on what your contribution can do for you. If you contribute a lump sum before the deadline, how it will increase your refund or reduce your tax liability. Is it beneficial to take an RRSP contribution loan?

Timely RRSP planning can save you dollars. Our firm is the go-to source for RRSP assistance in the area.

Non-Refundable Credits

Non-Refundable credits are numerous and ever changing, our tax specialists are on top of the current applicable credits and will ensure you get all that is available to you. Over the years the CRA has created and eliminated many credits. When filing multiple year returns, the correct credits need to be applied. In addition to the Basic Personal, Age, and Spousal Amounts some expamles are:

  • Donation Credit
  • Home Buyers’ Amount
  • Home Accessibility Tax Credit
  • Care Giver Amount
  • Disability Amount
  • Medical Expenses
  • Adoption Expenses
  • And more

Call us today to get an in-depth explanation of these claims!

For Concise Tax Credit Advice in Dryden

We’re your go to company to get the advice you need to reduce your tax libility and increase your refund —we’re here to help.

Contact us today to set up an appointment to get started.

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