It’s that time of year again and you are trying to figure out what you need to put together to start your taxes. To be prepared and organized will allow you to smoothly transmit your tax return and move on to bigger and better things.
Most people are registered for a My CRA account, where most of your Tslips from your employer, financial institutions or educational institutions can be found. Using Auto-Fill my return to load that tax info directly into your return will come in handy, there are still some amounts you might need to complete that aren’t kept in your CRA My Account.
Depending on your personal circumstance, there are many credits and deductions you may be eligible to claim. We’ve included the most common items below.
You may be able to claim more than you thought!
Paper slips you may not have considered:
- Keep your donation receipts, as there are benefits at tax time.
- Your medical expenses, are claimable such as lab fees, hearing aids, eyeglasses and many more.
- Did you have travel expenses to medical appointments, there are deductions you can claim. This article will explain how to document your meal and travel expenses.
- Don’t forget your rent receipts, as some provinces allow you to claim your rent. For Quebec residents, have a look at this article to explain your Solidarity Tax Credit.
Families:
- Got dependants? This will clarify who is considered a dependant. Your childcare expenses are also deductible.
- There is also a Caregiver amount, if you took care of someone who was ill.
- Do you or someone you know have a disability? This article will provide you with information on eligible expenses and how to claim them on your tax return.
- For family tax deductions, have a look at this article to make sure you don’t miss out on any deductions or credits available.
- For those that have unfortunately lost a family member in the past year, it will be very important for you to understand the tax implications. You will need to know how to proceed with filing your loved one’s final return and what responsibilities you hold.
Students:
- Do you have loan interest? Check out this article to learn how to deduct it on your tax return.
- Did you incur moving expenses as a student or professional? Be careful as there are some expenses that you will not be able to deduct.
- Your Tips/Gratuities are considered taxable income, you must claim them. Understand the benefits of doing so.
- Is it your first time filing a tax return? Here are some tips for you to take into consideration.
Professionals:
- Part of a union or a member of a professional associate? This will explain how to claim your dues on your tax return.
- Tuition Fees for Professionals and a new credit available called the Canada Training Credit, you may be eligible for.
- Did you Volunteer as a Firefighter or Search and Rescue team member, for over 200 hours in the year, you will be able to get up to a $3,000 credit.
- Are you subscribed to a digital news organization? There is also a new Digital News Subscription Tax Credit you may be entitled to.
Truck Drivers:
- Are you a long haul truck driver? Here is a link to help you understand your meal and lodging expenses. And this one to learn how to fill out your TL2.
Seniors:
- The type of income you have will determine where and how to apply it to your tax return. Not sure if your pension can be claimed? Review this link for a better understanding. This one will explain what you need to know about your OAS pension and your taxes.
- Have you lost a spouse? You may qualify for Survivor Benefits through the Canada Pension Plan.
- RRSPs, this link will tell you everything you need to know for tax time.
Newcomers to Canada:
- Are you new to Canada? This is what you need to know about filing your tax return here.
- Not sure about your residential ties to Canada? This article will explain it all.
Wait, there is more for you to look for if you are Self-Employed, a landlord or may be working from home, part two of this article is right here. If none of those apply and you are not curious, then read on.
When tax time is over and you get a super nice refund, here are some ways you can get the most out of that refund. On the flip side, if your tax bill is too high, this link will explain how to pay by instalments.
Concerned about the COVID aspect, this link will give you detailed information on many of the government programs and how they may affect your tax return.
You want to know about our product line up and services? This article will provide you with complete details!
However, if this is all too insurmountable for you, no worries, we got you covered! Our team of LIVE Full Service Tax Experts* are here, ready and willing to assist you and remove the burden of tax time off your shoulders. Reach out to them and let them do your taxes for you from beginning to the end. Learn more about our LIVE service options here.
*Terms and Conditions apply – TurboTax Live™ Full Service is not available in Quebec
