Unless you’re a professional accountant, filing your taxes can be an overwhelming experience. I mean, it’s not like anybody taught you how while you were in school. There are numerous documents to be aware of, timing considerations, relationship considerations, and tactics to ensure you are minimizing amounts owed while paying your fair share. We’ve got your back, here we provide tips on how to get the most out of tax time. Please keep in mind everyone’s situation is unique so always consult a tax professional for your specific needs.
” Nothing is certain except death and taxes” – Benjamin Franklin
Not All Taxes Are Created Equal
There are different ways you’re taxed on your investment returns which can significantly impact your net return. Don’t be left in the dark about how CRA favours one method of investing over another. It could cost you a lot.
Lower Your Tax Bill
What else do we need to say to get you to read this post? We’ve collected tactics to reduce your payable taxes within Canada Revenue Agency’s guidelines. This post has appeal for all tax payers.
Common Canadian Tax Documents
There are dozens of tax slips in the Canadian taxation system. Gain clarity by reviewing this list of the most common ones and what they mean.