Financial Literacy

Keep up with the latest tips and ideas for building a brighter financial future.

With Tax Clinics here to help, tax season doesn’t have to be a daunting time of year. By keeping good records throughout the year, you can make tax season a lot less stressful. When it comes to preparing your tax return, it’s very easy to forget a detail or two. A detail forgotten now could mean big problems later.

To make filing your income tax easier, we suggest collecting all your income and expense information ahead of time.

Income tax season is upon us and tax clinics can help

Here are 6 action items to make your filing easier this tax season

  1. Gather personal information including the legal names for yourself and your dependents
  2. Have handy social insurance numbers and birth dates
  3. Collect all your income slips and don’t forget any RRSP contributions and charitable donations (medical receipts, tuition statements)
  4. Organize and tally your allowable deductions. To find out more information about deductions and credits you can claim to reduce the amount of taxes you will have to pay. Learn more about deductions, credits, and expenses.
  5. Know your banking information for direct deposit
  6. Review your tax filing from previous years. Previous tax returns provide great reminders of areas easily overlooked.

Let’s add one more. #7 – Start preparing NOW for next year!

Each year, Canadians are leaving cash and other benefits behind by not filing an income tax return. Our member at Credit Canada has 10 surefire tips to take the fear out of filing your income tax return.

Free Tax Clinics are here to help

There are free tax clinics in Canada staffed by trained volunteers to help you this tax season. Check out our member, Community Financial Counselling Services and their community volunteer income tax program. This is the largest single tax clinic site in Canada!

Visit us at Credit Counselling Canada to find a not for profit credit counsellor near you.

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