Q: What's the difference between a T4 Slip and a T4A Slip?
A: A T4 you receive when you work for someone as an employee, there has been deductions (CPP, EI and tax) on your gross income.
A T4A is typically when you work as a contractor and receive a bulk/lump sum payment. OR you are a retired employee receiving a pension.
Both T4 and T4s need to be filed by employers before February 28th.
You know the saying "good things, take time"?
This time of year our team is thin, and we are busy finishing up year-ends and preparing for personal income tax.
Please be patient as we may take longer to respond to emails or call you back.
We see the emails, I get the voicemails, and we will always respond.
Today is Blue Monday!
I don't take this day so literally, and make it a reflection of how good finances can be managed.
If you don't know the history of Blue Monday, usually it's the day your credit card statement(s) come in from the holidays 😲... and yes all those cards are mine.
It seems like a lot but it organizes my finances, personal and business, and each card has a purpose. 💳
Some tips for credit card debt:
1. Pay off loans with smaller balances first #SmallWin
2. Pay off higher interest loans, so you aren't paying more in the long run
3. Consolidate loans - transfer high interest credit card debt to a line of credit.
4. Budget, ideally you have the funds to pay off your credit card every month.
5. Stick to your financial plan- payments and savings
Our best advice is to reach out to a good financial advisor. 💰
Now look at that, we just turned Blue Monday into a Happy Monday!☀️