A Beginner’s Guide To Preparing For Tax Season

If this is your first time filing your taxes, welcome to the ride. Taxes sound scary, but if you have the right tools – it’s not as bad as some make it out to be. As you’ll have to do this many times in your life, it’s best to take it slow and not panic. The tax filing process usually happens between March-April every year with the deadline to file on April 30th. In Canada, the filing of your annual taxes is a self assessment process. This means that all individuals and businesses must inform the government about how much they’ve earned, what deductions and credits they are claiming, calculate their total tax bill, and how much they underpaid or overpaid for the year. Calculating these figures can be a daunting task if you don’t know how! Fortunately, the experts at Can-Am CPA Professional Corporation recognize this and have come up with a Beginner’s Guide to preparing for tax season. This guide is designed to help you figure out the ins and outs of filing your taxes, so read on to know what you need to do.

Getting Started

Be prepared: You will receive a lot of different tax forms in the mail that you may need while preparing your taxes. These forms give you essential information, such as details about your income and deductions you may be entitled to. It is vital to keep all your important paperwork and documents together, as it will make completing your tax return much simpler.

Hire a professional: A professional accountant would provide you with the best accounting and tax advice regarding the best strategy to minimize tax liabilities and maximize the use of the tax credits available to you. If you are unsure of what exactly is necessary during the entire process, then give us a call! We would be happy to guide you through it all.

Next Steps

Maintain proper organization: Remember to keep ALL relevant receipts and tax slips throughout the year (T4’s, T5’s, medical receipts, rent receipts, fuel receipts, purchase receipts in the case of small businesses, and so on). All receipts are very important, and you must avoid mixing receipts from different years. Consider a filing system to save receipts, as having receipts on file will help you stay on track at tax time.

Advice From The Pros

Avoid common errors: People are human and make mistakes, and the CRA knows this. However, if you are aware of the most common mistakes made, you can avoid them. Remember to do your research before tackling your taxes. If you are new to the scene and have any doubts regarding filing your taxes, do not hesitate to contact us. Our experience and skill will help you ensure that you avoid making any mistakes.

Don’t wait until the last minute: It is essential that you file on time. Do not wait until the last minute, and do not let the fear and intimidation associated with filing your taxes force you to ignore the inevitable tax deadline. The CRA takes deadlines very seriously, and if you want to avoid paying any unnecessary fines that could prove to be costly, then it’s best if you meet your deadlines.

At Can-Am CPA Professional Corporation, our goal is to exceed your expectations. As a full-service accounting and taxation firm in Weston, Toronto, we have built a strong reputation in understanding client needs. Our ability to translate those needs is why more businesses and entrepreneurs choose us as their premium destination for tax and accounting advisory. We are an independently owned and operated full-service accounting and taxation firm aimed at helping small businesses and individuals navigate the Canadian taxation system’s complex rules, laws, and policies. Through an open and friendly environment, Can-Am CPA Professional Corporation accounting professionals offer superior quality services that customers have appreciated for many years. Visit our website to learn more or contact Can-Am CPA Professional Corporation today.