Infinite Chartered Professional Accountants

Great job representing Infinite, Kyle and Sean!

We were delighted to support Foothills Country Hospice (www.countryhospice.org) at their annual fundraising Gala! A great community event for Kyle Jones along with Amie, Sean & Kaylyn.

Wishing you and your families a joy-filled Thanksgiving! Visit us at www.infinitecpa.ca for all of your Tax Accounting, Wealth Planning and Business Advisory needs. Adam Stepa, CPA, CA David Thompson

Recent reports have highlighted significant challenges faced by seniors and their families due to changed by the Canada Revenue Agency (CRA). This situation has brought unnecessary stress and confusion, impacting the financial well-being of many. At Infinite Chartered Professional Accountants, we understand the importance of accuracy and diligence in managing tax affairs. Here are some things to consider if you think you might be part of a bare trust, as Rob Carrick mentions in the article: • It’s the trustee who must file the T3. This is the person who administers a joint bank or investment account – someone managing an account for a parent, for example. Ms. Prior said the settlor, a term for the person who contributed the assets to the trust, does not have to file. With a joint bank or investment account, the parent could be the settlor and the beneficiary. • There may be an exemption to the filing requirement, for trusts with certain assets of $50,000 or less. Ms. Prior said the exemptions apply in cases where a bare trust has a bank account or an investment account with publicly traded stocks or mutual funds, but there could be exceptions. Example: dividend-paying stocks. • There are penalties for non-compliance: $25 for each day you’re late in filing, with a minimum of $100 and a maximum of $2,500. Extra penalties may apply if you knowingly fail to file a trust return or make a false statement. • The deadline for filing a T3 is April 2 this year, but the CRA has said it will not assess penalties for bare trust filings after that date. • You’re expected to file a T3 annually, including a Schedule 15, and report changes from the previous year’s filing. 📞 Contact us today to discuss how we can support your family through these challenges and beyond. #TaxHelp #Accounting #CRA #FinancialWellness https://lnkd.in/euYshFj6

#TaxTip Get yourself tax-season ready by ensuring you have all necessary documents gathered, including any T4’s, T5’s, receipts, credits, and necessary account information. Having everything together ensures a smoother tax season, accurate returns, and the ability to maximize your savings. Contact us to learn more.  📞 403-938-0333 📧 office@infinitecpa.ca 🔗 https://lnkd.in/grRn4sd9 #taxseason #deducations #savings

🔓 Embark on the journey towards your financial success. With a financial plan that is tailored to your financial and life goals, we can help you to secure your future and achieve your goals! Contact us to learn more. 📞 403-938-0333 📧 office@infinitecpa.ca 🔗 https://lnkd.in/gwPUPT4A #wealthplanning #financialgoals #secureyourfuture

Facing the challenges of rising inflation and interest rates as a business owner? Here's a guide to making the most of your tax deductions this season: 1️⃣ Motor Vehicle Expenses: If you use your vehicle for business purposes, keep track of your mileage and expenses, as you may be eligible for deductions. 2️⃣ Meals and Entertainment: If you entertain clients or employees, you can claim up to 50% of these expenses as deductions, provided they're related to your business operations. 3️⃣ Capital Cost Allowance (CCA): Reduce your total income tax by deducting depreciation of assets over multiple years. 4️⃣ Research and Development (R&D): Explore tax credits and deductions for qualifying R&D activities, including wages, materials, and more. 5️⃣ The Expertise of an Accountant: Collaborate with a tax expert who can help you navigate these deductions and ensure compliance with tax laws, saving you time, money, and stress all year long. Get the details in our article below for a successful tax season!  🔗 https://lnkd.in/gKVVDAhK #TaxDeductions #FinancialStrategies #BusinessOwners #article

Wishing you a fun filled family day! We hope you’re able to spend it amoungst family and friends! #familyday #happyfamilyday

Hockey Season is coming to an end for our Okotoks Oilers – but there is still time to catch a few more games and cheer on our local team! After a change in leagues, the Okotoks Oilers now have an extended season, including 8 more games, with one against the Sherwood Park Crusaders this weekend! Get tickets here, 🔗 https://lnkd.in/gmna2Q2G #hockey #okotoksoilers #hockeyseason #finalgames

#TaxTip! Don’t miss the February 29 RRSP deadline. Contributing to an RRSP is a great way to lower your taxable income while also boosting your financial future and maximizing your savings. Contact us to learn more. 📞 403-938-0333 📧 office@infinitecpa.ca 🔗 https://lnkd.in/grRn4sd9 #taxseason #RRSPdeadline