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Thursday, March 22, 2018

Things to Remember for Tax Season

Tax season is in full swing! Whether you are filing for the first time or have your forms on auto-fill, there are some important points to remember:

File your taxes

This one seems like a no-brainer to those working, but even if you didn't receive any income last year, you may still be eligible for a benefit and credit payments such as GST/HST credit. Getting your taxes done on time, or even early, is beneficial to getting your return back faster, and limit any interest you may accrue if you owe money and file late.

Get Help

If you are new to filing taxes, there are many resources to assist in making the process as seamless as possible and ensuring you spend as little of your hard earned dollars as possible. The Community Volunteer Income Tax Program can assist you free of charge, as well as a variety of free certified software programs. 

Make the Most of your Claims

As a sole proprietor, corporation or medical service provider, we can assist you to make the most out of your return by putting your health care payments to work for you. A Private Health Services Plan (PHSP) lets you expense your medical and dental costs (for you and your employees) through your company. This provides small business owners with a simple, cost-effective way to extend flexible health care benefits to their employees and provides the added benefit of large tax savings to the business owner.  

Keep those Receipts

Don't throw out your receipts as soon as you file your taxes, you should keep supporting documents for at least six years in case you need to support your claims.

Treat Yourself

Take that refund and treat yourself!

Posted by Margaret Koniuck at 10:41 PM 0 Comments