How to get the most of your tax return
Plan ahead, if you are planning to retire, make significant investments, start a business, buy a rental property etc . in the tax year, speak to your consultant ahead of time. This will ensure you have everything you need at tax time to maximize your refund.
When Federal and Provincial Budgets are released there are sometimes changes to eligible expenses, credits etc. Keep all receipts so you are not losing out.
Make your tax preparation appointment at the optimum time, after you have received all documents but early enough to allow research into more complex matters and still meet the filing deadline.
Charitable contributions are eligible as a non-refundable tax credit, but did you know that there are benefits for contributions in excess of $200.00. The rate jumps from 15% to 29%. Charitable donations can be filed within 5 years so to get the better benefit, file every 5th year, thus being eligible for the higher rate.
If your employer requires you to use your own vehicle, your own cell phone, work from home you may be eligible for employment related expenses. Ask your employer to complete a T2200 Declaration of Conditions of employment and bring to your consultant for review. Keep in mind you may have to provide supporting receipts for expenses so make sure you keep everything.