Tax Tip Thursday

This week, we are going to discuss Scheduling. It might not sound like a tax-related topic, but it definitely is!

We have run into a few people that seem to not have any idea of the important dates in their life including tax deadlines and payment deadlines.

So my recommendation is to create a schedule for all the important things in your life.

I am focusing on business today, but the same applies for personal. You can not imagine how happy your spouse will be when you actually remember your anniversary or birthday, etc…!

A Simple Example

Some important dates for personal that you might consider putting on your calendar with a reminder a month ahead of time.

• Birthdays and anniversaries of important people in your life
• Expiration, termination or renewal dates of contracts in your life
• Credit card and monthly bills due dates
• Important meetings – with your accountant, your investment advisor, doctors, dentists, etc…
• Annual review of your telco services – I do this every year and inevitably save money every time!
• Meeting renewal – I have reminders for meetings 8 months ahead.
• And last but not least Personal documents and tax deadlines
• For instance – have a list of all the T-slips and receipts that you should receive in February
• March 1, start calling and asking about your slips.
• March 1 get your tax papers into your accountant!

If you have a business, you have a lot more dates to add to your list!

• Appointments/meetings with your clients
• HST
• Services that you are starting
• Corp tax or personal tax
• Instalment dates
• Vendor payments
• Meetings

Point is: Be Organized!

It pays dividends. More than you might think! Staying on top of bills and instalments will save you not only the headache of solving the problem after-the-fact, but also could save you bigtime in interest and late fees. Don’t waste money by being disorganized!

While we can’t really help you with staying on top of your anniversary or your parents’ birthdays, we definitely can help you with your tax-related deadlines. Especially if you own a business! Book an appointment today and get organized.

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.