Tax Time Tips

Under normal circumstances keeping your tax records in order can be challenging. Now factor in COVID-19. The activity could even become more complicated.

Our top tip is to get your 2020 taxes in order sooner than later. If you’re one of the few that are ultra-organized and you got things in order before the year ended — our hats off to you. If you’re like many other Canadians here are some top tax tips for 2020.

  • If your household took advantage of the Canada Emergency Response Benefit (CERB) during 2020, it is taxed as income. Don’t forget about this income when doing your calculations.
  • The CRA will be sending you T4A slips if you received federal support related to COVID-19 so keep your eyes open for that. The tax slip will confirm the amount of taxable income and should be sent by the end of February.
  • March 1, 2021 is your deadline to make RRSP contributions for the 2020 tax year. RRSPs are a great way to leverage tax deduction and make an investment in your future.
  • If your household was able to provide charitable support this year that’s fantastic! Don’t forget about any charitable giving you might have done in 2020.

The 2020 tax year will likely be like no other for taxpayers. It’s also going to be like no other tax year for the CRA as well. If you do your own taxes, it’s important to keep up with changes. If you’re uncertain, it might be a good year to pay for the services of a tax professional.

Health &
Wellness

Regular physical activity is one of the most important things you can do for your health. The benefits of exercise are not just limited to weight loss either. Exercise can help to fight health conditions and diseases. It improves mood and can boost overall energy.

Start simple if this is something you're just starting out with this year. Starting with just 30 minutes every day can increase cardiovascular fitness, strengthen bones, reduce excess body fat, and boost muscle power and endurance.


Energy Booster Smoothie

Smoothies can be absolutely irresistible. They can be super delicious and so simple to make. They’re also a great way to boost your energy. Here's a fantastic recipe that really packs a nutritious punch.

Ingredients

2/3 cups frozen blueberries
1/2 cup almond milk
1/3 cup vanilla-flavoured Greek yogurt
1/2 banana
1 tablespoon large-flake rolled oats pinch cinnamon


Instructions

Blender until smooth. Serve and enjoy.

Compassion & Honesty

Mortgage agent was
compassionate and honest
when dealing with my problem.
Great, direct service!
Michelle S., Scarborough, ON

The equity in your home is something that you've worked hard to build. Every month, Capital Direct helps Canadians just like you to realize their dreams.

What about you?
'Let your house lend a hand' © Contact a Capital Direct mortgage specialist to discover your options.

Valentine’s Day Sudoku



Did you know The oldest known valentine still in existence today was a poem written in 1415 by Charles, Duke of Orleans. He penned it to his wife while he was imprisoned in the Tower of London.


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Click here to view the solution

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