Tax returns can feel overwhelming. Keep these tips in mind for tax filing, whether it’s your first time or you’re a seasoned filer.
- Stay organized. Before you sit down to file or seek help from a local tax expert, gather any forms, slips and receipts you may need. Organize these monthly, including scanning and saving receipts to your computer, so you’re not scrambling in tax season.
- Keep track of key deadlines. Make note of key dates on your calendar to ensure you don’t miss any deadlines. Some important dates to note for everyone:
- March 1 is the last day to make any RRSP contributions.
- The last day to file your taxes this year is May 1.
- Research applicable tax credits. The Canada Workers Benefit is still in play this year, which could be helpful to many Canadians. Additionally, most provinces have their own benefits, such as the Climate Action Incentive Payment. It was made available to most provinces this year and can result in up to $1,000 in quarterly payments for some families.
- Make use of free tax calculators. With reputable ones available online, these are a great way to help you determine if you will owe on taxes or get a refund.
- Ask for help. Free tax calculators are great, but nothing beats a real-life tax expert who is trained to always help maximize your return.
Tax benefits and credits are always shifting, and so is each person’s unique situation. Find more information and a handy tax calculator at hrblock.ca.
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