Whether you are an employee or a self-employed individual, navigating the complexities of personal taxes can be daunting. However, Canada's tax system also provides numerous opportunities for potential savings if you know where to look and which options apply to your situation. 

Our expert can share important insights to help you manage your personal taxes more effectively. Your tax-saving strategies will depend on various factors, including your age, life stage, province or territory of residence, whether you're a business owner or employee, your investments, and more.

Finding the right answers to your questions can help you understand and plan effectively for the future, take advantage of government incentives, and most importantly, save time, money, and reduce stress.

Therefore, we welcome employees and self-employed business owners to ask our expert about their questions relating to personal taxes. While you are welcome to ask any question, the areas of focus are as follows:

1. Understanding Tax Basics
   • Types of Income: Different income sources (employment, self-employment, investments) and how they are taxed.
   • Tax Brackets: How progressive tax systems work and how different levels of income are taxed at different rates.
   • Deductions vs. Credits: The difference between tax deductions and tax credits, and how they impact your taxable income and tax payable.
   • Filing Deadlines: Key dates for filing taxes and paying any taxes owed to avoid penalties.
      
2. Maximizing Tax Deductions and Credits 
   • Common Deductions: Claiming deductions for expenses such as work-related expenses, childcare, medical expenses, and charitable donations. 
   • Available Tax Credits: Information on credits such as the Canada Child Benefit (CCB), GST/HST credit, and education-related credits.
   • Retirement Savings: Understanding how RRSPs and TFSAs work and their impact on your taxes.
      
3. Tax Planning Strategies 
   • Tax-Efficient Investments: Strategies for choosing investments that offer tax advantages, such as dividends or capital gains. 
   • Planning for Major Life Events: Tax considerations for significant life changes such as buying a home, having children, or retiring.
      
4. Self-Employment and Freelance Taxation 
   • Tax Responsibilities for the Self-Employed: tax obligations for freelancers and consultants, including GST/HST registration and filing. 
   • Business Expenses: How to claim business-related expenses to reduce taxable income. 
   • Keeping Accurate Records: Best practices for tracking income and expenses to simplify tax filing and ensure compliance.
      
5. Common Tax Mistakes to Avoid
   • Incorrect Information: Avoiding errors in personal information, income reporting, and other areas that can lead to delays or audits.
   • Late Filing and Payment Penalties: Understanding the consequences of late filings and payments, and how to avoid them.
      
6. Tax Changes and Updates 
   • Recent Tax Law Changes: Staying informed about any recent or upcoming changes to tax laws that might affect your tax return. 
   • Government Incentives and Programs: Information on new government programs or incentives that could benefit you.

This personal tax event will:

• Help participants get answers to their questions relating to income, expenses, credits, deductions and other areas of personal taxes.
• Help participants better understand their tax obligations.
• Help participants identify opportunities for savings and feel more confident in managing their personal taxes.