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
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.
- 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
- 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.
- 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.
- 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.