Everyone knows they have to file taxes, but knowing where to start can be tough. Here are five tips for a stress-free filing.
1. Keep yourself organized. Staying organized should be a year-round activity. If you are just starting now, begin by gathering income slips, receipts and government correspondence.
2. Tally up your 2015 income. Did you cash in your RRSP? Sell an investment property? Rent out your apartment? Use your car for a ride-sharing service? Know your income so you know what needs to be declared and whether or not any tax has been withheld.
3. Research applicable deductions. Did you donate to charity? Take care of a loved one? Use public transit? Questions like these can help determine what you can claim.
4. Use a reputable tax-filing service. Companies like H&R Block can provide guidance, ensure you are filing properly and help maximize your refund.
5. Don’t wait to file. Filing ahead of May 2nd allows you to take your time and make sure all information is accurate. Scrambling to file means you might miss out on credits that would help maximize your refund.
More tax filing tips are available at hrblock.ca.