Tax Tip Thursday

Taxes of all kinds: Personal, sole proprietor, corporate, & more!

It is starting!

I got my 1st T slips last week!

I know by nature, the vast majority of us procrastinate when it comes to taxes.

Here are some tips to help you keep organized and make the tax season a little less painful for yourself.

Personal taxes

  1. If you do not have a MYCRA account – get one!  You will need your tax return from last year in order to do it.
  2. Get an envelope and label it 2025 taxes
  3. Keep it somewhere handy and every time a slip comes in the mail, open it and write what it is on the front of the envelope and put the tslip in your envelope.
  4. If you know all the slips you are supposed to be getting, you can make a list on the front of the envelope and you can check them off as you.  You can look at your last year’s tax return to make the list
  5. If you are working, print out your last pay slip (which is for the last payment deposited to your bank account before dec 31, 2025) and put it in the envelope and you should confirm the T4 is correct when it comes in.  There are often mistakes on T4 slips.
  6. Make sure you know how much you contributed to your RRSPs and when.  Confirm the amounts on your RRSP slips against what you contributed.
    1. Remember it is from March 4, 2025 to Dec 31, 2025 and then
    2. Jan 1, 2026 until March 2, 2026.  Again, there are often mistakes.
  7. If you have joint investments with someone, make sure the T5 or T3 says joint on it and the other person knows that you need to split it, or confirm the treatment of the investment based on the contributions to the investments

Deceased individuals’ taxes

  1. Hopefully, you have represent a client for your late relative
  2. If not, you will need to get that in order to file the tax returns required
  3. Start now – it could take some time.
  4. Make sure you have a copy of the will
  5. Determine if you need to have it probated (talk to a lawyer)
  6. Retrieve as many investment and banking statements as you can.

Sole Proprietor’s taxes

  1. If you do not have your bookkeeping completed, gather all your bank and credit statements for your business.
  2. We can do 90% of your taxes right from your bank and credit card statements. (you still have to keep your receipts!)
  3. Prepare your milage log if you did not do it through the year and or provide us with a % of business use for your vehicle
  4. Take note of your odometer reading TODAY!  You will need it for this year and next year’s tax.
  5. Get us the bank and credit card statements now!

Corporation’s Taxes

  1. If you have a December year end – we are doing taxes now!
  2. You will have to pay any outstanding tax balance by March!
  3. If you do not have your bookkeeping completed, gather all your bank and credit statements for your business.
  4. We can do 90% of your taxes right from your bank and credit card statements. (you still have to keep your receipts!)
  5. Prepare your milage log if you did not do it through the year and or provide us with a % of business use for your vehicle
  6. Take note of your odometer reading TODAY!  You will need it for this year and next year’s tax.
  7. Get us the bank and credit card statements now!

Give us a call and make an appointment – we are already starting to fill up! Make An Appointment today!

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.