Tax Season is March 1 – April 30, 2016
We know. It’s still technically 2015, but have you considered 2016 yet? It’s just around the corner…
Start a folder for incoming tax slips. These will include slips and forms such as
- T4 – from your employer
- T4A – income from pensions, retiring allowance, annuities or other income
- T5 – from your investment
- T1009 – from social assistance
- T4RSP – RSP withdrawal amounts
The list of slips are seemingly endless and they all come separate and at random times. Don’t lose or accidentally destroy them before you file. Stay organized.
*Tip* Keep all of your slips together in a folder or envelope until you hand them over to your tax professional in spring 2016
Tax season came in with a rush, but didn’t leave without a hiccup. CRA extended the deadline by a few days for an administrative error on their behalf. It was nothing major, and it bought everyone a few more days to get their papers in on time. I would expect this would not happen again anytime soon.
Did you file your tax return?
Don’t beat yourself up – not all cats filed. If there is a balance due, interest starts on the first day after the deadline – usually May 1. If you get a refund, you will get that amount back and nothing more. There is no benefit to you for waiting to file.
So what do you do if you haven’t filed? Should I wait for next year?
DO NOT wait. Get those taxes in and your money back in your paws. It just makes sense.
Contact: email@example.com or call 250-592-1313
Taxes are prepared year-round and can be picked up from most places in Victoria, BC.