Tax Tips: The More Time You Save, The Faster You'll Get Your Refund
(NC) - An estimated 24.5 million Canadians will be filing income tax returns this year. And whether you hire someone to prepare your taxes or do- it-yourself, it's important that you're organized: misplacing important documents and receipts, feeling stressed as you race towards the deadline or handing over the proverbial 'shoe box of receipts' to a tax preparer, might end up costing you more money and time. "With today's wide array of office supplies and software available to organize your documents and help with tax filing, tax time doesn't have to be stressful, says Steve Matyas, President, Staples Business Depot.
STAPLES Tax Tips for making tax time easy
1. Set up an all-year-round file system. Designate a box, an accordion file or a file cabinet for year round paper storage and retrieval.
2. Create folders for your bank statements and receipts, anything you have spent money on or need to keep track of for tax purposes.
3. Label your folders using stick on labels.
4. Put tax-related papers in one place-designate a large envelop or box in one area of your home or file cabinet. Tax-related papers include: T4/T4A payroll information, T5 & T Dividend Information, Salary Bonus Accruals, Workers Compensation Forms, EHT - Employer Health Tax Annual Return, Investment statements, charitable donations receipts.
5. Create categories for your papers and receipts-e.g. salary, medical/dental, childcare, investments, donations.
6. Consider buying income tax software. There are many products on the market today to meet your needs and skill level that make tax time easy. The most popular software programs include QuickTax, TaxWiz.
7. Do you have a Will? Now is also the time to think about tax planning and the future. There are many do-it-yourself books and kits on the market. Look for a guide that is authored by a Canadian Lawyer.
8. Office Supplies-make sure you have a reliable calculator, with a paper print out and paper clips to keep together your receipts from each category and a sharpened pencil.
9. Have the tax package Revenue Canada sent you in January handy. You'll need your social insurance number, date of birth, and a four-digit access code.
- News Canada