It’s that time of year again! No, we’re not talking about spring, but the Monday, April 30th personal tax deadline.
The deadline is just around the corner and you realize you have not brought your tax slips and information to your accountants yet. Your heart starts racing and you don’t know where to begin! Don’t worry – you are not alone. Most of us aren’t that organized neither… The good news is that you still have time and we are here to help you!
A good place to start is by looking at our Personal Tax Checklist. This will help you get your mind around what information matters.
If you are a proprietor or self-employed, have a home office or rental properties and don’t know how to organize your information, go to our free excel spreadsheets. We are accountants and we love spreadsheets because they help us be more efficient, which in return, helps you save money on your tax bill. Remember that if you are a proprietor or self-employed, you and your spouse can file your returns by Friday, June 15th. However, if you owe taxes, they need to be paid by the Monday, April 30th deadline.
If we are currently holding the completion of your personal tax return because of missing information, please forward that information to your RLB Advisor as soon as possible in order to meet the April 30th deadline.
Please keep in mind that the last couple of weeks of April are the most hectic in any accounting firm and your returns may not be completed on time if you wait to the very last minute!
What if I know I will still be filing late this year?
You can read the Canada Revenue Agency’s (CRA) publication for this year’s penalties and interest fees for filing late. But don’t panic! Just let us know as soon as possible so we can help you avoid these late penalties.
One last word of advice…
Start planning now for next year’s tax season! Learn from your challenges and what stressed you out the most this year and create a system to keep it all under control for next year. Have a permanent place for your prescriptions or other medical receipts, charitable receipts, and investment documents. Make sure you keep all your 2018 receipts in one place. You never know what can be considered a tax-deductible expense, or how the tax rules will change next year. Keeping all your receipts may save you money!
As always, if you have any questions or concerns, don’t hesitate to contact your RLB Advisor at 1-866-822-9992.