Taxation is a fact of life we all have to accept. While you have to pay your fair share of taxes, you shouldn’t pay more than that. Keeping your personal tax records in good shape and being aware of all the taxation rules, regulations and legislation is often not a high priority for individuals. When tax time arrives, there is a scramble to get everything in order and it is easy to miss key information or deductions that apply. Then comes the dreaded mail that indicates there is a problem!
You need a system to keep all your key documents in order and you need solid advice about which items to include in your filings. To lower your tax burden, you should also have a plan to manage your finances throughout the year.
Sheppard Accounting stays current on all tax laws, legislation and we can identify key tax planning opportunities to minimize both your current and future tax liabilities. We can go through all your documents and with your authorization, review your tax history with the Canada Revenue Agency. We can help you pay only your fair share today and in the future. Let’s get to work today.
Personal Tax Tips
Travel to medical appointments that are over 40kms from your home and not available in your home community, may give you a medical tax deduction for the travel. Keep logs of that travel, including the purpose of the trip, distance, address you went to and the date. At .57 cents per km, it can add up to a large amount.
Everybody should file a tax return even if your income is zero! At 19 years old and onward you could receive an HST credit of up to $300 but won't get it if you don't file. We can help so just get in touch.