A Few Useful Tax Tips

It is that time again…it’s Tax Season…Are you ready? Some of you may have it all organized and some may not even know where to start. Many clients have already started booking their appointments to get their documents organized and their filing prepared, so I decided that I would share some tips on how I organize my paper work for tax purposes. I hope this will help you take the first few steps needed to get your taxes filed!

For this project you will need a few filing folders and a marker.

You might have received or will receive your slips in the next few days. Here is how you are going to organize them.

1) Label a folder with your first and last name and also add Income Tax 2014.

2) Then place all slips that you receive in the mail and any receipts that are applicable in the folder.

Some examples of slips and receipts are:

– Slips related to income earned such as T4, T3, and T5(s), etc.

– Slips that may be deductible such as RSP contributions, T2202A (Tuition).

– Personal expenses that may be deductible such as medical receipts, donation slips, monthly transit passes.

– For Self-employed – please refer to my blog “9 Bookkeeping Tips for Start-ups”. You will find a great system there.

If you are already stressed out, calm down. Organizing your paper work is easier than you think. Just allocate 45 minutes to an hour to start this project and be over with it.

Stay tuned to the next blog. I will show you a few simple steps to reconcile your slips and personal expenses and avoid potential penalties for unreported income, etc.

“Reduce risks, pay on time, be efficient and save money and time.” Renata Magalhaes