It’s not too late to begin preparing your taxes, but those who started early may see additional benefits. As David Christianson explains, giving yourself extra time means you can compile all your paperwork, and then review your tax return with your accountant and/or your tax preparer in order to fully understand your unique tax situation.
Read: How to use tax preparation to increase your financial knowledge.
Read: Papers you’ll need to file taxes.
“If you’re not using a professional to prepare your tax return,” warns an article at Yahoo! Canada Finance, “you might miss out on these [six] savings.” The article runs through how to maximize your return by properly claiming capital gains, RRSP contributions, moving expenses, professional dues, legal fees, and tuition.
Read: 6 tax tips that will put you ahead of the game.
Help for families
For people with children, this article in Advisor.ca takes you through the ins and outs of the Family Tax Cut, the Children’s Fitness Tax Credit, and the Kiddie Tax.
Read: Help for families filing 2014 taxes.
In an article at Brighter Life, Stuart Dollar of Sun Life Financial calls The Medical Tax Credit “one of the most underused tax breaks available to all Canadians.” The good news is that with a little extra planning and careful record keeping, you CAN claim some of your family’s medical expenses.
Read: Are you entitled to a tax refund for your medical expenses?
If you’ve ever been confused by the numbers on your T4 slip, there is another article at Brighter Life for you. This one aims to help you understand taxable employee benefits, and how some company perks are treated by the Canada Revenue Agency (CRA).
Read: Employee benefits: Taxable or not?
For experienced investors who have already maxed out their TFSA and RRSP contributions, an article at Yahoo! Canada Finance suggests that “you might want to consider adding some tax-advantaged mutual funds to your investment mix.” As Robyn K. Thompson explains, these are funds specially structured to minimize capital gains tax. And while this article offers a broad overview of your options, Thompson strongly recommends consulting a qualified financial advisor.
Read: Yes, you can find tax happiness with mutual funds.
Before acting on any of the above, please consult with a professional for investment or tax advice based upon your personal circumstances, risk tolerance, and needs. This material is provided for general information, is subject to change without notice. Every effort has been made to compile this material from reliable sources; however no warranty is made as to its accuracy or completeness.