Make sure you get your taxes in by the deadline. They’re due at midnight on Tuesday, April 30.
U-File Tax Specialist Gerry Vittaratos says you should store your receipts year-round for your return.
“The key is to create an archiving system. A lot of people think tax season is only three or four months of the year. It’s actually a year-round process, as you collect a lot of receipts that are eligible for claims throughout the year. The best thing to do is, at the beginning of the year, open a folder where you can archive these documents.”
If you owe money to the government, Vittaratos advises you pay it by the deadline or you’ll face penalties, “The balance is quite stiff. It’ll be five per cent of your balance owing and one per cent for every month you’re late filing.”
If it’s your first time filing taxes, he has this advice, “Go to the CRA website to get the federal guide which essentially explains what is included on the tax return, and from there start archiving properly all documentation, especially receipts that could be eligible for claims.”
Vittaratos also recommends paying close attention to federal government budget time, because new tax measures could be announced that you could benefit from.
“Everybody thinks that there’s some magic deduction or credit that they can claim to really maximize your tax return, but for the most part, mistakes that are made on the tax return, are mistakes of omission,” he adds.
Vittaratos recommends making sure you are claiming everything you are entitled to on your tax return.
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