Tax Tip Thursday

There are lots of old wives tales and “ideas” around how things go with taxes. Can’t tell you how many times people have told me very outdated or just plain incorrect things about their taxes thinking they’re facts…

These facts could save you a lot of money!

Myth 1:

I don’t need to file a tax return, because I don’t earn enough money to pay income tax.

Myth 2:

If you don’t have the money to pay your tax bill, there’s no point in filing before the Apr. 30 deadline.

Myth 3:

It’s too late to change your tax return once the Canada Revenue Agency has processed it and sent you your Notice of Assessment.

Myth 4:

I needn’t bother to claim any tuition-related tax credits, because I didn’t make enough money to owe any tax.

Myth 5:

I can’t file my tax return until a missing T-4 slip turns up.

Myth 6:

As a business, I can prepare my books/taxes from my bank and credit card statements.

Myth 7:

You can often make a deal with the CRA to pay less tax than you owe.

Got Questions? Ask Your Accountant!

There’s plenty more misinformation floating around out there about Canadian taxes… It always pays to ask your accountant for clarification if you’re not sure about something! Book 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.