Essential Tax Tips to Complete your 2024 Tax Returns

Smart Tax Strategies

Are you ready for tax season? Do you know the key deadlines and the essential documents you need to file your 2024 tax return? Have you explored all the deductions and tax relief options available to you?

In this episode, Keith Matthews and Andrea LeRoyer guide you through a structured approach to preparing your taxes efficiently. From crucial deadlines to tax-saving opportunities, they cover everything you need to stay compliant and optimize your return. They also discuss major changes for the 2024 tax season, including updates on the capital gains inclusion rate, home flipping rules, and the latest home buyer plan withdrawal limits.

Whether you’re a salaried employee, self-employed, a retiree, or a parent, this episode provides a simple and practical framework to handle your taxes effectively. Don’t miss this essential conversation to help you file your 2024 tax return with confidence!

Thank you for tuning in!

Optimize Your 2024 Tax Return

• Overview of the 2024 tax season (0:39)
• Introducing co-host Andrea LeRoyer and her background in tax and finance (1:47)
• Five key points covered in this episode (2:02)
• April 30: General filing deadline (3:21)
• June 16: Self-employed individuals’ deadline (4:19)
• Income slips (T4, T4A, T3, T5, etc.) (4:50)
• Notice of Assessment: Why it matters (5:35)
• Installment payment summaries (6:58)
• Childcare and activity credits (8:42)
• Tuition and education-related deductions (9:43)
• Medical expenses and insurance coverage (11:01)
• Charitable donation changes and extended deadline (13:36)
• Home office deductions: Employees vs. self-employed (14:28)
• Tax credits for home support services (16:45)
• Caregiver tax credits (17:19)
• Multigenerational renovation tax credit (17:44)
• Disability tax credit and eligibility (20:08)
• Changes in relationship status (22:09)
• Moving, renting, or selling property (23:02)
• Foreign asset ownership and T1135 requirements (24:03)
• Capital gains inclusion rate update (25:48)
• Short-term rental compliance rules (26:47)
• Home Buyers’ Plan withdrawal increase (27:57)
• New tax rules for property flipping (29:10)
• Crypto asset reporting for Quebec residents (30:26)
• Alternative Minimum Tax (AMT) updates (31:26)
• Final tax season tips & best practices (32:20)
• Closing thoughts & embracing tax season (32:51)

And much more!

Mentioned in this Episode:

• Tulett, Matthews & Associates

Thanks for Listening!

Be sure to subscribe on Apple, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram