Tax Time!

Money Diva Tax Time Financial Advice Budgeting

Well, that dreaded tax time is upon us.  Many people do not like this time of year, especially if they think that they will owe money.  There are two things that are certain in life:  death and taxes.

In order to ease the burden of this dreaded time, it helps to have your tax receipts all organized and in one spot.  I have one folder that is started at the beginning of each year for taxes.  Any T4s, medical receipts, and other tax receipts, RRSP information, and last years Notice of Assessment from Revenue Canada are all kept there for easy access.  In addition, Canada Revenue Agency will send you a web access code that you can use when or if you choose to efile (if your taxes are prepared by a tax professional) or netfile (if you complete your own taxes and file them on using a computer tax program).

If you are self-employed, then you must have all of your business records in order so that you know what your total income and expenses were for the year.

When you finally sit down to do your taxes, it should be painless and effortless.  If you chose to do your own taxes with software, they are pretty much dummy proof – anyone can do their own taxes.  However, you may want to look to a professional, who can help you with any tax credits that you are able to claim.

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