Doing Tax Season The Right Way

Do you usually wait until the last minute to file your tax return? Get ahead of the game with TAXplan’s customized checklist. Answer a few simple questions about yourself and we will tell you exactly what we need from you to get started on your 2017 return!

Avoid paying fines or giving too much of your hard earned money to the CRA. If you want to get the most of your refund and plan your taxes the better way here are a few TAXplan TAXtips for you:

 

  1. AVOID PENALTY FEES & FILE ON TIME

The deadline to file your 2017 tax return is April 30, 2018. There’s no getting around it so do yourself a favour and get started now.  Penalties for filing late if you owe the government is 5% of whatever you plus 1% a month for up to a year.

 

  1. GET YOUR REFUND SOONER

File early and you’ll receive your refund within 2 weeks or possibly sooner if you sign up for direct deposit.  The longer you wait the busier the CRA becomes which means longer wait times for your refund.

 

  1. OPEN AN RRSP WITH WEALTHplan & CUT YOUR TAX BILL

The deadline to contribute to your RRSP is March 1, 2018. Unsure whether you maxed out your contribution room for this year?  Give us a call. That’s where the plan in TAXplan comes in. We will plan to minimize your taxes and get them done accurately. Contributing to an RRSP makes good financial sense.  Every dollar you add to your RRSP comes directly off your tax bill.

NOTE: The 2017 contribution limit is 18% of your income or $26,010 — whichever is lower.

 

  1. DOUBLE UP ON YOUR CHARITABLE RECEIPTS IF YOU’RE MARRIED OR LIVING COMMON-LAW

Charitable contributions of $200 or more will earn you a 29% tax credit. Filing your tax return with your spouse or common-law partner means you’ll get the most in tax credits.

 

  1. DEDUCTIONS, DEDUCTIONS, DEDUCTIONS

You may not even be aware of the list of deductions available to you. Home and auto employment expenses are just the beginning. If you’re not sure and want to know more the CRA has a list of deductions you might be eligible for. TAXplan’s tax profile questionnaire has also made it easy for you to discover what those deductions are. Simply fill answer a few questions about yourself and our customized checklist will tell you what we need from you. A TAXpro will gladly answer any questions you may have and make sure you get every deduction coming to you.

 

QUESTIONS?

Contact TAXplan support at 1-855-610-PLAN or send us a message