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Cabbagetown: Tax Season 2013

It’s that time again…tax season is upon us and here’s what we’re going to do about it.

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Important Dates

  • March 31st Deadline for any 2012 penalty tax owing on excess RRSP contributes
  • April 1st Last day to file a Canadian Income Tax Return

Should You Do This Year’s Taxes on Your Own?

Having someone do your taxes for you can be expensive.  Hiring an accountant to help with your return could cost anywhere from a few hundred to a few thousand dollars.  But now that the CRA is encouraging Canadians to file taxes online, people can do their own taxes for free.  Using basic software like TurboTax, the process is simplified and painless – anyone can do it and anyone can do it easily.  Of course, if you expect your return this year to be complex it might be best to seek professional consultation.

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Tax Advice

While there are many tax-guides available online, the following tips may help you discover additional deductibles that you may have otherwise overlooked:

  • It is possible to fix last year’s tax errors by filing for an adjustment.  The T1 will allow people to recover missed tax refunds from as far back as 2003.
  • Be sure to report your capital losses – they can be used to erase capital gains of the current year.
  • If you have a safety deposit box, claim it!  This is the most commonly missed tax deduction because people forget.
  • Another deduction people often miss is filing a moving expense as real estate commission.
  • Medical expenses are on the list of most-missed tax credits each year.  You may have many medical bills from over the year so look into what can and cannot be claimed.

With this information in mind, begin gathering all of your documents – tax receipts, T4 and T5 slips, and last year’s return – and register an account with Canada Revenue Agency to get started.  You will be required to provide a lot of person information.  It is best to not procrastinate – start doing your taxes this weekend and get it out of the way early.

 

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Financial Services Cabbagetown

 

About Addy Saeed

Addy is a full time REALTOR® in Toronto, ON with RE/MAX ® and is involved in different real estate projects alongside community and charity events. An avid investor, auto enthusiast, music lover and long time adventurer. He can be contacted by calling 1-877-439-2339

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