Tax filing prep

Another income tax season is upon us! As have mention to my clients each year, the first step to being prepared is to collect all of your Income Tax documents and information and compare it to the prior year in order to determine if there is still something that you may be missing or need to gather, such as your medical expenses.

However, keep in mind that CRA also implements various changes to the Income Tax Return schedules and calculations which may affect your result. Some things have changed again for 2015 Income Tax Returns, such as the federal and provincial tax amounts, Child Fitness Credit, and the non-refundable tax credit for children under 18.

Research applicable changes on the CRA website, or ask your Income Tax professional so that you can also be prepared for what changes may have an effect on your result.  For future tax years,there has also been rumor of eliminating the Family Tax Cut credit, and implementing the Home Renovation Tax Credit, so keep your eyes and ears open for any future news on these and any other changes that you may need to be aware of.

Also, if you have not already, sign up with CRA on-line access account to have instant access to your Income Tax matters such as your Notice of Assessments (NOA). Your NOA may provide important details which may affect your future tax years, therefore it is helpful to ensure that you provide a copy of your NOA each year to your Income Tax Preparer.

As usual, please feel free to leave a comment and share. We’d love to hear from you.

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