If you don't owe, you may not feel any pressure to file but getting your tax return completed on time makes good financial sense. If you miss your tax filing deadline, you are immediately hit with a five per cent penalty on whatever you owe. It may be easy to put it off and file later, but you should remember that a tax refund is your money.
It's bearing down on you like a boulder rolling down a hill: Tax season. Ok, so maybe it isn't that bad, but really, what
You have a social insurance number, a job, and even a T4, but you have never filed your taxes. Everyone has been in the exact same position -- you have to start somewhere. Sure, it can be intimidating, but it doesn't need to be. Why? Because it has never been easier to file. Need a little guidance? Here are three tips to make your first time filing a breeze.
I'm here to make the case for doing your taxes, whatever you earn. Every year, many Canadians living on low incomes choose not to file, stating little return -- no pun intended -- on the effort. Are you one of them? You may not realize that whatever bracket you fall in, filing has benefits tailored specifically to your situation. Below, you will find three reasons why filing is essential for those with low incomes.
Single parents with custody receive some substantial tax savings and the Canada Revenue Agency will sometimes ask for proof of custody. Even though your children obviously live with you, you need to prove it to the CRA if they ask. They may want a third-party confirmation so be prepared if they come asking.
Now that spring is nearly upon us, your children's thoughts have likely turned to the end of the school year, summer jobs, or perhaps their post-secondary futures. While you're likely preparing to file your tax return, they probably aren't thinking about finances or taxes. That's where you come in.
As income tax season creeps forward, many of us wince at the thought of dealing with bursting glove compartments or drawers of faded disorganized receipts, missing electronic documents and the ensuing weekend or evenings spent slaving over the associated paperwork and electronic chores. Here are 8 tips to help you stay organized and stress-free while filing your taxes:
Communication is the foundation of any relationship, whether in love, in life or at work. One relationship that's important to keep on an even keel is yours with the Canada Revenue Agency.
Tax season has begun. This yearly tradition is dreaded by many Canadians, but it doesn't need to be. Taxes are what keeps our roads paved, our schools running, and our health care free. When we think about the money we give to the government, we don't always realize that our money is going towards things we take for granted every day. So, approach the upcoming tax filing deadline with a positive outlook.
Have you noticed how much kids enjoy the mundane aspects of life that we grownups hate so much? Pushing buttons, inserting coins, handing over tickets? I wish that there was some way I could channel my toddler's obsession with the establishment and make both of us happy.