What is CRA Tax Monitoring at Wealth Developer Canada?
Now more than ever, and into next year undoubtedly, poor mental health, addiction, suicide, and anxiety rates are going to rise. So it stands to reason that people should be taking more time for themselves and focussing on their health. If that means taking time off of work, they need to be doing that. In a time where employment has changed so drastically, or lost entirely, most people wouldn’t even consider it. It’s believed that the more you work, the more money you have. But what if there was a way to figure out if working less didn’t change your finances, or better yet improved them?
To be clear, we are not advising evading taxes, avoiding paying them, or loophole tricks. We simply show you what your basic calculations are by using lucrative tools that we offer.
There are several different features available with a Recovery-19 Plans. and a lot of thought and care given to help all Canadians through the struggles ahead. One of the main features, that works in conjunction with MyWealth Assessment and MyWealth Plan, is a C.R.A. tax monitoring service called MyWealth Monitoring. The purpose of MyWealth Monitoring is to not only present these calculations to you, but teach you the value of this knowledge one step at a time. You will begin to learn how to do these calculations yourself and develop a strong financial practice. Recovery-19 is designed to make you feel confident that you can manage your finances and manage your well being at the same time. Feeling in control of your finances can significantly improve your health.
Wealth Developer Canada believes that the first step in the wealth by knowledge culture, is to understand in real time, the amount of taxes that you owe at any given time. MyWealth Monitoring is a constant reviewing and reporting service designed to provide our members with critical and specific information regarding their C.R.A account.
The MyWealth Monitoring product uses major changes in your financial situation, such as job loss or income, to make suggestions or changes to your C.R.A account. Lifestyle changes regarding employment happen frequently and can set people back thousands of dollars in tax burdens. MyWealth Monitoring also examines multiple employments and determines if different jobs were not full time enough, and insufficient taxes were paid. We do this because it’s possible that working one job may have made you the same income as two jobs due to taxes owed. In addition, and maybe most importantly this year, MyWealth Monitoring can assess your Canadian Emergency Response Benefits, income supplements, wage subsidies etc., and inform you of how they affect your taxes.
With MyWealth Monitoring, we create a report for you that displays information regarding the amount of tax you usually pay on each paycheque, and also year end refund or balance owing. We extend those basic calculations and we incorporate dates into the equation.
Below is an example of the report that we provide, after you input the numbers from a current paystub, information regarding your Canada Covid-19 response benefits and length of time or gaps in employment. We also verify the information with CRA regarding any other tax surprises you may not be aware of. This process is quick, and informative.