Tax Tips to Remember 2017

in Income Tax

Now that RRSP Season is over (for fiscal year 2016), here are some Tax Tips to help you get your returns completed, and in to the CRA.

Some Simple Tax Tips

Tax Tips

Income Tax Time 2017

Every year there are nuances and changes to the tax world. However, there are also tried and true tax tips that you need to remember most every year.

  1. Do you have every single form that you need? Most of us need a T4, but what about other forms?
    • T5 for investment income
    • T2201 if you have tuition and post-secondary costs
    • Charitable Donations? Especially this year with new rules for first time contributors
    • Medical Expense can be important if you have enough expenses
    • RRSP receipts are very important, especially if you just made a large deposit.
    • Daycare receipts are important for dual income families
    • Rental costs if you are lower income
    • Disability Tax Credit claims
  2. If you got married in 2016, don’t forget to tell the CRA about this. This might help your taxes, but the CRA needs to know. I tweet’ed about this, and surprisingly, a fellow financial blogger admitted to forgetting to do this.
  3. You can auto-fill your return this year, just buy Tax Software, go to the CRA Auto-Fill web page, and follow the instructions. This means no one has an excuse to not file their taxes this year.
  4. Go over your 2015 (or previous year) tax return. I do this every year, because I always forget to claim things, and the previous year return reminds me. The statement of assessment is important to see whether your claim was correct.

These are only a few simple tips, but it is time to start thinking about your taxes.

Tax season

T4 From the CRA Web Site

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{ 4 comments }

{ 4 comments… add one }
  • AJ March 8, 2017, 7:34 PM

    “Rental costs if you are lower income” -I haven’t heard of this one; what’s it about?

    Reply
  • KC March 8, 2017, 9:59 AM

    A bit of caveat with the CRA auto-fill. Not all the slips may be available yet. My employer filed the T4 in January and it is still not on my CRA online even though I have my T4 here. Same with T5’s. It is recommended that people wait towards end of March before using that.

    Reply
    • bigcajunman March 8, 2017, 10:09 AM

      OK, good warning for folks to heed. Check to make sure all of your slips are there!

      Reply

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