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Tax Time Again

ImageRRSP season is over and it's tax time again. Get yourselves ready to file your taxes for this year, and if possible file early.

By now, you should have all your T4 slips and all your RRSP slips. It is time to visit your friendly neighborhood tax preparer and file your taxes. Even if you owe money, it can be better to file earlier. You can pay later if it helps you.

If you are amongst the many who get a modest refund this time of year, it is an even more exciting time. Waste no time to file, and be sure to work with a tax preparer who can E-file your tax return. That gets you your refund within a week or two. If you are like many people who need your money now, then you have the option to go for one of the places who loans you money based on the expected refund. Personally I would rather just file early and keep more of the refund for myself.

ImageBe sure to have all your paperwork in order to make things go smoother. Although tax preparers can file an adjustment if you later realize you missed something, your preparer may charge you a fee to do this. At this time of year, they are very busy and are grateful not to have to do too many adjustments until after things calm down.

One of the things to bring with you is your statement from CRA that you got last year. It has all sorts of useful information for a tax preparer. You will make their day if you bring it in, and it can help you get an even better refund.

If you are switching tax preparers, then it helps to bring in a couple of past year's tax returns, so they can see if there are any items to carry forward. Also, they might find you something that a previous tax preparer had missed. If you see your regular tax preparer, they should have all your past information.

Pat


 
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