“Tax Season” is March 1 – April 30, 2016
The new year brings joy, laughter, resolutions and …taxes
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 throughout the year.
*Tip* Keep all of your slips and receipts together in a folder or envelope until you hand them over to your tax professional
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.