It is that time of the year; tax season is in full force, and there are just 10 days left to file your 2014 tax return. Now many Canadians will of left it to till this week, in fact, way too many files late and some do not even file and lose out on thousands of dollars that could have been theirs. So if you haven’t started your return now this is the week to get it down, and I have a few tips for those of you who are just getting around to it.
Make sure you have declared all your income.
So many people forget little projects especially if they are freelancers. It is so important not to forget as you can be audited. So remember, collect that old T4s, the stubs from that side project.
Collect your receipts
So many people when they are in a rush as the tax deadline approaches forget some things that could have them getting money back like transit receipts, rental receipts, kids’ lessons, and if you have a small side business your business expenses.
Be aware of Changes that have come about this year as well.
The 2014 tax year saw some big changes like the Family Tax Cut, the doubling of the Fitness Tax Credit and the increase to the Universal Child Care Benefit. You can read more about what the tax changes mean for Canadian families here.
Remember even if you have a low income, file.
There are many reasons to file even if you had very little income and paid no income tax. There are tax credits you may be entitled to like GST. For those with very simple returns, you can even file them for free with TurboTax.
One of the simple ways to ensure you don’t miss a thing, is by using a Tax software like TurboTax. It asks you all the right questions at the right times. It also offers services like TurboTax Live Tax Advice, which allows you to get answers from a real person as you do the work. After you are done doing the heavy lifting (filing) you can always have a pro take a look at your return as well with TurboTax’s Pro Review service, that way you can rest well knowing all is correct with your return.
If you haven’t filed yet, you can also win the tax software, TurboTax by following them on Twitter this week and next. They are giving away a couple of codes to their online service. Their twitter handle is @TurbotaxCanada.