Hi everyone! I know that many of you have likely already submitted your taxes, but I have some tips for those of you who haven’t (make sure you set these aside for next year, too).
First off, here’s your friendly reminder that your taxes must be filed with the CRA by April 30th. This is done the following year to the year you’re filing for. It’s important to know that while you will be able to file later if you don’t owe any balance on your taxes, you’ll be subject to paying interest on any balance owing. Unfortunately, they don’t apply interest to any amounts they owe you. 😝
Now that you’re updated on this, here are some of my tips:
Keep your personal information updated
If your personal information has changed, for example, your address, phone number, marital status etc. Make sure you update it with CRA. Inaccurate personal information could potentially delay or impact any benefits or credits, which of course, we don’t want!
Remember to claim any eligible deductions and credits when you file
Examples can include childcare expenses, spousal and child support payments, the interest incurred on student loans, and deductions from the year’s RRSP contributions. You want to be able to maximize all the ones you’re eligible for. Check out the CRA website for all available deductions.
Review your NOA or “Notice of Assessment from last year”
You always want to review your Notice of Assessment from the CRA to ensure that all information that was submitted was correct. You are also able to tell if you’re owed any credit or have a balance owing. Don’t rack up unnecessary interest on unpaid balances!
Lean on a professional, if necessary
Finally, if you have any questions or worries about your taxes, be sure to reach out to a professional who can assist you. They can ensure that your taxes are filed appropriately, applying the proper credits, and making sure your forms are reflective of your financial situation.
Have more questions? I’ve been talking about taxes on my Wealth With Julie account, so make sure you check it out here.
