Taxes are often seen as a complicated, overwhelming, and time-consuming burden. But there are some tips you can follow to make the process easier on yourself. Here are 5 tax tips you should know if you are preparing your first tax return.
1) Keep Track of Your Income
2) Use Online Tools
3) Fill Out Expenses for Deductions
4) Consult an Experienced Professional
5) Review Your Return Before You File
What is a tax return? Why do I need to file a tax return?
A tax return is a form that has to be filed when you earn money during the year. The purpose of filing a tax return is to calculate how much you need to pay to the government in taxes.
There are many reasons why someone might have to file a tax return. These may include property, goods, services, capital gains, gambling winnings and inheritances.
A Guide to Prorating Your Home Expenses in 2018
The Home Renovations & Maintenance Tax Credit and Home Renovations & Maintenance Allowance offer relief for taxpayers who incurred expenses for home renovation, maintenance or alteration work done in 2018.
The Home Renovations and Maintenance Tax Credit is an amount of up to $5,000 that a taxpayer may claim. The credit will be calculated as the lesser of:
(i) 10% of the eligible expenses incurred in respect of qualified labour costs for eligible projects; or
(ii) $1,000.
The Home Renovations and Maintenance Expenses Allowance is an amount up to the lesser of:
(i) 10% of the qualified labour costs incurred on eligible projects; or
(ii) $1,000.
Tips for Choosing the Best eFile Provider When Filing Your Taxes Online
Choosing the best efile provider is important when filing your taxes online.
The company should be credible and trustworthy, with an easy-to-use interface.
Taxes are definitely one of the most stressful things of the year, not just for us but also for our parents or grandparents – who may no longer be able to work themselves. Such that they may need our help to get through this tedious process.
However, with some preparation and knowledge about how to choose the best efile provider – it can become a lot less stressful.
Choosing an appropriate efile provider is important when filing your taxes online because it will help you get through this process quickly, conveniently and accurately – without any fuss at all! And that’s why we’ve created this article to give you some tips on how
How to Maximize your RRSP Contributions in the tax year
Maximizing your RRSP contributions within the tax year is an important task for Canadians.
– Contribute the maximum allowable amount to your RRSP each year
– Invest in any company shares that are eligible for RRSP investment
– Invest in stocks that will grow quickly over time
– Set up automatic transfers into your RRSP account so you don’t forget about it
– Keep all receipts of contribution to prove how much you have contributed