H&R Block | Tax Talk | Find an Office | Français June 2010

INSIGHTS FROM THE TAX ADVISORY AT H&R BLOCK

Whether you've experienced a life change, are a first time filer or need help with tax planning (a key part of any financial plan), this is a resource of information you can use. You may only think of taxes once a year but changes can happen at any time and impact your tax situation. Audits, small business and the HST

Will your taxes be reviewed by the Canada Revenue Agency (CRA)? Ontario, B.C. and Nova Scotia residents to feel the HST impact on July 1 Small business owners have until June 15 to file their tax returns You may not want to see a brown envelope from the Canada Revenue Agency in your mailbox but don't avoid opening it. In July, the CRA will begin their random review of 2009 tax returns and you may be asked to provide documentation to prove a credit or claim. You need to respond to ensure you keep the eligible deduction. July 1 may be Canada Day but it will also mark the introduction of a Harmonized Sales Tax (HST) in Ontario and B.C., as well as an increase in HST in Nova Scotia. This is designed to streamline tax collection but it also means residents will pay more overall. The good news is taxpayers who file a return will get a few cheques from the government. Millions of Canadians scrambled to make the April 30 tax filing deadline but self-employed Canadians enjoy a few more weeks, with a deadline of June 15. However, if they had a balance owing, interest began accumulating on May 1. Even with the extra time, it may be worth sorting through paperwork early to make sure you don’t pay the government more than you must.

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