Canadian tax rules and guidelines seem to change each year. It seems that tax system is forever complicated. Tax doesn’t have to be a hassle, in fact, with the right tax preparation team, tax season can be downright rewarding. If you live in Toronto or other cities in Canada and are concerned about your tax preparation, here are some tax preparation tips to help make filing your taxes easier.
Toronto Tax Preparation for Individuals
According to the Canada Revenue Agency, some things that could help your tax preparation run a bit smoother are: set up direct deposit, save dependent care receipts, save charitable donation receipts, save retirement savings documents, save student tuition receipts, save first time home buyers documents, and more.
- Direct Deposit
Setting up direct deposit helps you be ready when you file your taxes. In some cases, it can even provide a quicker return. File on time to prevent late penalties and delays.
The activities you sign your kids up for may provide additional tax savings, as well as, caring for dependents with physical or mental impairments, so be sure to save your receipts.
You may be eligible to claim tuition, textbook, education amounts, and student loan interest, so be sure to save your school tuition statement.
- Charitable Donations
Cash, goods, and land donations etc., made to a registered charity may be eligible for tax credits, so be sure to save all donation receipts.
- Retirement Savings Plans
Contributions to your RRSP are tax deductible, so be sure to save all RRSP tax forms.
- First Time Homebuyers
Homebuyers may be able to get tax credits for the purchase of their first home, so be sure to save all paperwork.
Toronto Tax Preparation for Businesses
According to the CRA, business records, whether paper or electronic, must be reliable and complete, contain correct information you need for fulfilling your tax obligations and entitlements, and be sustained by supporting documents such as appointment books, log books, income tax, sales tax, GST/HST returns, tax/harmonized sales tax, scientific research and experimental vouchers and records, and certain accountants working papers. So, be sure to keep accurate accounts of these documents for tax preparation.
Tax Accountant Toronto
We are Tax 911 Now, we’re located in Greater Toronto Area, and we have a professional team of tax consultants. Our dedicated team of experienced tax professionals cover a wide range of individual and business tax services including tax return Toronto, late tax filing Toronto, CRA audit Toronto, Tax audit help Toronto, VDP Toronto, tax evasion Toronto, tax amnesty Toronto, tax lawyer, Toronto tax problems, Toronto cra tax appeal Toronto, tax objection Toronto, tax payment plan, Toronto CRA collection Toronto, CRA garnishments Toronto, CRA bank freeze Toronto, tax relief Toronto, taxpayer relief Toronto, and tax consultant Toronto, and more. At Tax 911 Now, we understand all about Toronto’s tax issues, rules, and regulations and are prepared to help you avoid the costly tax preparation mistakes that may trigger an audit. Tax 911 Now services the Toronto, York Region, Durham Region and other regions of Canada. Call us for tax help today for free consultation.
Tax 911 Now
35 West Pearce St., Unit 19, Richmond Hill, ON, L4B 3A9