This article was initially written during RRSP deadline season in 2014. It is still packed with valuable tax tips that hold true today. You might be scrambling to meet the RRSP contribution cut-off. Alternatively, you could be just beginning to organize your paperwork for tax filing. This post offers a humorous look. It also provides a practical perspective on the process. From tuition receipts to medical deductions, it’s a relatable reminder. It’s timely because it tells us to check everything twice. This advice remains true regardless of the year. RRSP Deadline Tax Tips are important.
Today marks the end of the RRSP season. I dropped by my bank to deposit a cheque. There was still mayhem and such. You can still today (Start of March of the year) “do your RRSP” if you wish. Alternatively, you can wait until next year. After today, this is all over. Now is when you need to start your taxes (if you were lucky you got a free On-line copy of Quicktax from me, or maybe Ufile from a bunch of other Fin Bloggers).
I spent Sunday going through my box of receipts. I also checked my Quicken. I was looking for expenses and necessary receipts. Yes, I finally finished Mad Men Season 6. This has nothing to do with this task. I am less likely to be quoting Roger Sterling. Every year, I review my previous year's Tax Return. It helps me remember the things I tend to forget. So far, I have found a few very useful things I might have forgotten earlier.
- My Safety Deposit box charge is no longer deductible. However, I remembered not to claim it. I think that counts as a good thing.
- Bus pass costs. However, I didn't take the bus last year. So, that one is a miss on my part. That is no longer a write off too.
- Collecting all my daughters' tuition receipts and T-4's for bursaries is never easy. They are rarely available before the end of February. However, I think I have them all now. This includes receipts from 3 different schools, even though I only have two daughters in University currently.
- My benefits do not cover all of the medical fees for my son. He sees an Occupational Therapist, which is also not covered. There are also School Fees because he is Disabled. These are important to get in there, and get right too.
For most folks, you should be able to submit your taxes online. All you need is your T-4 and a few receipts. However, I must be diligent to ensure I have all the necessary forms to complete my taxes correctly. Always ask yourself. Am I missing any receipts or forms?
Universities are so slow in getting tax statements out to students. So are landlords who have student tenants. We are waiting here. It will be late March before I drop off the big pile at the accountants.
I have to go to an accountant for our taxes because some of the tuition tax credits are shared between myself and the father of my children. I can’t wait to save money and do my own taxes. He only charges me $200 for our 3 returns but I am ready to pay nothing.
It’s really important to check and re-check now that some T-slips are not being mailed they’re only being made available online.
According to the Blunt Bean Counter if you miss a slip one year (and the CRA catches the mistake before you do) the next time it happens they will probably assess a 20% fine on top of the tax owed. Ouch.
http://www.thebluntbeancounter.com/2013/09/the-20-cra-penalty-for-missing-t-slip.html
Yup, when you have students you need to check their School’s web site for tuition and such too.