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Here are some tips on how you can get ready for the tax season. 1. Keep track of all your income: You are required to report ALL of the income you have earned for the year on your income tax return. And if you fail to report an income, there is a penalty and you could possibly end up paying so much more. So it is important, if you have several streams of income aside from the employment income reported on your T4, to keep track of all of it by keeping receipts and other related documents organized. This will ensure...
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Last week, we did a blog focusing on tax planning – reminding everyone to start setting up a tax plan as early in the year as possible.  One of first steps in making sure you have a stress-free tax season next year is keeping your tax documents organized.   After the tax season is the perfect time to start a good filing system for previous years’ tax documents as well as for this year’s.  You can base your filing system according to our list of tax documents needed for you to file an income tax return. 1.    Prior year notice of...
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