As the Canadian personal tax deadline approaches, if we haven't gathered our receipts for the year, there is no time like the present. An ideal way of ensuring that all receipts are always on hand when required, is to keep an annual tax folder, and as receipts arrive in the mail, they should be tucked away in the folder.
What do we do about electronic receipts? Receipts for donations, and other claimable expenses are frequently provided online when we pay by credit card. These maybe (a) printed out immediately on arriving in the inbox, (b) segregated in a separate folder in the cloud (preferably, in the event of a hard drive issue) marked "Taxes - 2016" or (c) both.
With tax software getting more user friendly every year, and software offering skinny deals, it might seem the obvious solution to netfile one's own taxes (or one's family's). However, is this always the correct decision? When there are more than five receipts, it might be worth our while to consult a tax professional, or ask a tax preparer to efile them for us. We may discover little known credits such as the family tax credit or children's fitness credit that should have been applied for. In lieu of payment of a fee, we may arrive at a larger refund than we had deemed possible. We must remember that Canada Revenue Agency requires that our taxes be filed accurately. Taxes must be filed on time when we owe tax. We would also be required to file taxes when we intend to claim a GST / HST credit.
Please contact us rightaway to efile your Canadian personal taxes. I have over ten years' experience in efiling / filing tax returns in Vancouver, BC using a multitude of different tax software. #TrushaDesai.com