To the editor;
Income tax season is fast approaching, and you don’t know where to start?
Many people find tax time stressful, but with a little preparation, it can be a cinch. Read on for some tips to make preparing your income tax return quicker and easier.
Start early. This way, you’ll not only avoid penalties for late filing, but you’ll also be able to organize your finances to take advantage of potential tax benefits. Prepare the returns of everyone in the family at the same time. Often, expenses that won’t benefit one member of the family can be transferred to another.
Get organized. It’s much easier to prepare your tax return if you file the documents you’ll need in one place. Taxes in Canada are due on April 30 every year.
If you’re preparing your own return, you can use the Canada Revenue Agency’s NETFILE program to submit it. You’ll save time, make fewer mistakes and, if applicable, get your refund faster.
For more tips on preparing your income tax return, see Your Financial Toolkit on the Financial Consumer Agency of Canada’s website, itpaystoknow.gc.ca.
Financial Consumer Agency of Canada