As we enter the final stretch before personal income tax returns are due to the Canada Revenue Agency (CRA), a lot of people rush to get their taxes done professionally before the April 30th deadline. Sharlane Bailey, Owner of Canwest Accounting, recommends her clients bring in all their tax receipts by the middle of April at the latest to avoid delays in the event an important tax receipt is missing.
“It doesn’t make sense for us to start a client’s taxes then stop while waiting for more forms to arrive,” Bailey says. “Clients can save themselves time and extra costs by ensuring they have all the forms and receipts needed to complete their tax return and by getting it in by the middle of April – or even sooner.”
The team of accounting and bookkeeping experts working at Canwest Accounting’s Victoria and West Shore (Langford) offices thoroughly review clients’ financials and go through the person’s paperwork to ensure they have submitted all the necessary forms, including T4s, Registered Retirement Savings Plan (RRSP) slips, investment receipts, and others. Additionally, anyone who is self-employed normally has a large number of expenses to claim.
Bailey offers a few top tips for avoiding mistakes on your personal income tax this year:
- Keep in mind, if you receive child tax benefits, you don’t need to claim it as income this year.
- If you are claiming a purchase made in US dollars or another currency (eg. income or education) make sure you include the exchange rate provided by the bank or hold onto your credit card statement and claim the amount in Canadian dollars.
- Make sure you claim RRSP purchases.
- Take some time to recall and trace all your income for the year, since leaving out earnings can be a costly mistake.
- Did you collect Employment Insurance?
- Did you sell or trade an investment, stocks or Bitcoin?
- Did you sell any of your RRSPs?
- Did you cash in any of your pension?
- Did you earn tips? (It’s your responsibility to keep track of those and declare them.)
To have the friendly, reliable team at Canwest Accounting prepare your tax return, call to make an appointment or drop in at either the Victoria or Langford location. When dropping off your tax information – preferably by April 18 – please fill out our Personal Tax Checklist, which will help us to ensure we have all your information.
DISCLAIMER: The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.