Getting ready for tax season – Tax Filing in Toronto
It’s almost that time of year again when we dig through those mountains of receipts and documents to try and sort through what’s important and what isn’t for the taxman. The end of April will be here before you know it and, if you get yourself organized, you can save lots of money.
Consider for a moment that the Canada Revenue Agency reported in 2012 a Canadian family of four on average could save $3200 in annual taxes with just a little planning. Here’s a few Toronto tax filing tips you can check off to make sure you get to keep a good portion of the money you’ve earned.
Maximize Your Incentives
Finding incentives is quite often as easy as going to the Canadian revenue agency website and looking up different options like education credits and moving credits. An accountant can help you when you’re getting ready for the tax filing Toronto process by pointing you in the right direction to find these savings.
Keep in mind there is a difference between tax deductions and tax credits. The first is designed to reduce your taxable income and the second reduces the amount of taxes you owe.
Make A Plan If You Need To Pay
Although no one likes to fork over their hard-earned cash to the government, it’s always better to make plans to get rid of that kind of debt as quickly as possible. If you work with an accountant and find out in all likelihood that you’re going to owe money at the end of the year, it’s a good idea to start putting some aside immediately. That will save you on interest charges and debts owing.
You should also take a little time and start planning for next year by seeing what areas you’re likely to owe in and make the right adjustments.
Know What You Can Claim
Knowing where you can save a few dollars before you start down the tax filing Toronto path is important and another area where a CPA is invaluable. There are several great areas where you can make a claim like The Moving Expense Tax Deduction and The Public Transit Tax Credit to name just a few.
Whether you have a complicated tax return or are just looking to maximize all of the credits that you have, a chartered professional accountant can guide you and make sure that your return is thorough and complete.
Call us today for more information on tax filing in Toronto. We provide tax filing services throughout the GTA including: Mississauga, Vaughan, Aurora, Markham, Scarborough, Newmarket, Richmond Hill, Thornhill, Woodbridge, Kleinburg.