Work Your Financial Plan This Tax Season

Work Your Financial Plan This Tax Season

Filing your income tax return is an important part of strategic financial management. Make this yearly chore work to your advantage with good planning.

The personal income tax deadline is April 30th. If you’re self employed, it’s June 15th; but your tax bill must be paid by April 30th (to avoid penalties).

Work your plan
By now, all the receipts you need to do your taxes should have arrived in the mail. Make this task easier on yourself by confirming you have all the necessary information before you begin.

In addition to your Social Insurance Number, you need to gather employment T-slips and all the necessary receipts for tax deductions such as medical expenses, charitable donations, child-care expenses, and transit passes. You will need information about your Registered Retirement Savings Plan (RRSP) and other investments, and any self-employment income.

Your Financial Advisor can help you know if there are slips missing, such as investment income statements, and guide you about the many deductions you can leverage.

Simplify the task by getting organized. Prepare tax returns for yourself and other family members at the same time, so that you can transfer deductions and benefits; what one person cannot use could go to benefit another member’s return.