By Leslie Gardner, FPSC Level 1® Certificant in Financial Planning
If the thought of tax season makes you squirm, you’re not alone. But being prepared, filing on time and knowing what you can deduct will help you get the job done with more left over in your pocket.
This year’s income tax filing deadline is still April 30th, but because it falls on a Saturday Canada Revenue Agency (CRA) will consider you have filed on time up until midnight May 2nd. If you’re self-employed you have until June 15th to file, but any amounts owing are due by May 2nd.
While a couple of months would seem like plenty of time, the natural tendency to put off unpleasant tasks can leave you in a last minute scramble to find receipts for children’s activities, medical expenses or other deductible expenses. A lot of tax time stress comes from a time crunch that is avoidable.
If you break the process down into manageable chunks, when it comes time to deliver your documents to your accountant or sit down to file from your computer, you will feel calmer and more organized.
Here are 5 tax filing tips to save you time and money: Continue reading