1. DON’T BELIEVE EVERYTHING YOU HEAR
Don’t follow “urban tax legends” but rely on an accredited source. Going to a Chartered Professional Accountant who knows what they are doing isn’t just referring to finding a good hairstylist. Someone who knows the taxation laws and regulations can save you more money in the end.
2. FILE ON TIME
Why pay MORE money, in the form of interest and penalties, if you don’t have to? Or alternatively, if you are entitled to a REFUND, why are you letting the government use the money when you could be spending it or earning interest on it?
As everyone knows, the personal tax filing deadline is the 30th of April. Unless you are a sole proprietor, then your tax filing deadline is June 15th. However, did you know that your taxes are still due on April 30th?
3. TAKE ADVANTAGE OF ALL AVAILABLE TAX CREDITS
There are many tax credits available to the average person or family. Although you may not be a business owner, or have varied investments, there are still many credits that you may be able to claim.
This is an acronym to help my clients remember the key to a stress-free tax season. Keep it SIMPLE, keep it ORGANIZED, keep it SEPARATE.
Keep your bookkeeping and accounting records separate throughout the year – do not mix business and personal. Invoices, receipts, tax slips, etc…ensuring that everything is organized is half the battle. Check out our Accounting Records in a Box if you need help.
5. REGISTER FOR GST/HST
A business is required to register for GST/HST if the business income is more than $30,000 in a single calendar quarter or over the past four consecutive calendar quarters. But what if you don’t make more than $30,000? You might want to consider registering anyways. Start-up costs and operating expenses can be quite high. You may be paying more in GST/HST than you collect. If you were registered for GST/HST you may be eligible for a refund!
REMEMBER, ALWAYS SEEK THE ADVICE OF A CHARTERED PROFESSIONAL ACCOUNTANT!
***This blog is for information only.