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Tax time – 2012!

February 4, 2013

Once again, our (least) favorite time of the year is approaching. Yes, it’s tax season. But tax time doesn’t have to bring tension, stress and tax bills. As a matter of fact, in many cases, the government owes YOU money. And the best kept secret is that they will pay out tax refunds much earlier than you would expect! All you have to do is file earlier than the deadline.
I often suggest filing tax returns early, but I am often told that the there is no way to file since income slips don’t come in until early March. That may be true, but it’s helpful to compute all the available calculations such that the tax return can be completed almost immediately upon arrival of the missing information. Many filers don’t file early, so early filers in refund positions are more likely to receive their refunds more quickly than those who delay until some time in April.
Here are just a few common calculations which are most likely available now:
1) Schedule of rental income and expenses
2) Schedule of business income and expenses
3) Schedule of employment expenses
4) Child care amounts
5) Donation amounts
6) Medical expense amounts
7) Gains and losses on investment trading
8) Amounts paid for rent or property taxes
9) RRSP contribution and withdrawals amounts
10) Amounts paid for fitness and arts programs for children

Of course I offer free initial consultations and encourage questions and comments at any time by email – danielydiamond@gmail.com

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From → Personal tax

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