RRSP Deadline Let the Taxes Begin!

in Income Tax, RRSP

Today is the end of the RRSP season (I dropped by my bank to deposit a cheque, and saw that there was still mayhem and such).  You can still today “do your RRSP” if you wish, or you can wait until next year, but 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 (and my Quicken as well) looking for expenses and important receipts (yes, and I finally finished Mad Men Season 6, but that has nothing to do with this (except I am less likely to be quoting Roger Sterling)). Every year I check my previous year Tax Return to remember the things I am doomed to forget, and so far I have tripped across a few very useful things I might have forgotten.

  • My Safety Deposit box charge, however, that is no longer deductible, but I remembered not to claim it, so I think that counts as a good thing.
  • My bus pass costs, but again, I didn’t take the bus last year, so that one is a miss on my part .
  • Collecting all my daughters’ tuition receipts and T-4’s for bursaries is never easy, and rarely available before the end of February, but I think I have them all (from 3 different schools, even though I only have two daughters in University currently).
  • All of the medical fees for my son, he sees an Occupational Therapist which is not covered by my benefits and of course 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 on-line, since all you really need is your T-4 and a few receipts, but for me I must be diligent to make sure I have all the forms I need to get my taxes right, so always ask yourself, am I missing any receipts or forms?

{ 3 comments }

  • jane savers @ solving the money puzzle March 3, 2014, 5:40 PM

    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.

    Reply
  • Bet Crooks March 3, 2014, 11:37 AM

    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

    Reply
    • bigcajunman March 3, 2014, 11:47 AM

      Yup, when you have students you need to check their School’s web site for tuition and such too.

      Reply

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