Personal Income tax
Maximize your Income Tax Refund
Most people don’t like this time of the year because of all the paperwork involved with tax filing. Thankfully, it doesn’t have to be that way. Tax preparation can actually be a no-stress process. All it takes is some organization and time.
Call us, we’ll be happy to help you maximize your tax returns.
What are your next steps?
Gather documentation; get an envelope or box to put aside all tax documents that you receive (T4, T3, T5, T4A, RRSP, etc). Loosing receipts or not requesting all of them may cause you some discrepancies with your tax assessment. Remember that you have to keep your records for 6 years.
Get organized: separate documents into two simple categories;
Income (employment, self-employed, real estate and investment)
and Deductions (all expenses to earn income – scope varies by each year)
Download this checklist, it will help you get organized. 2017 Personal Income Tax Checklist
Due dates; don’t miss the deadlines -> April 30th 2018 for most individuals and June 15th 2018 for self employed individuals. But be aware that payment is still due April 30th if there is any balance owing.
If you want to save for your RRSP, remember the deadline for the 2017 tax season is February 28th. It will increase your retirement nest and also will provide you a potential tax refund.
Take action; get professional help to file your taxes efficiently and with peace of mind. Fill out form T1013 and your Chartered Professional Accountant will be able to access your tax account to gather any additional information.
Plan for next year and relax; as you meet with your accountant, discuss all your changes in your circumstance and how do they affect your future tax liability. If your tax return shows a refund, sign up for direct deposit to receive it faster (around 7 days).
2017 Tax Changes
Check our latest post where we outline the key tax regulation changes affecting the 2017 calendar year. Will any of these changes affect you?