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GETTING A JUMP START ON YOUR TAXES THIS YEAR

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Chances are, you know first-hand how stressful doing taxes can be if one chooses to procrastinate. Therefore, you should try to get a head start on your taxes this year, so you can be one of the few who are relaxing while everyone else is panicking. Here a few tips you should consider if you really want to get a jump start on your taxes this year.

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GETTING A JUMP START ON YOUR TAXES THIS YEAR

  1. 1. GETTING A JUMP START ON YOUR TAXES THIS YEAR Chances are, you know first-hand how stressful doing taxes can be if one chooses to procrastinate. Therefore, you should try to get a head start on your taxes this year, so you can be one of the few who are relaxing while everyone else is panicking. Here a few tips you should consider if you really want to get a jump start on your taxes this year. Benefits of Filing Taxes Early Before you resign yourself to getting your taxes done months before everyone else, you should first know the benefits of filing your taxes early. Filing early is especially important for those expecting to receive a return. If you’re first in line to file your taxes, then you'll be first in line to receive your return. Also, the Canada Revenue Agency (CRA) will process your return faster because they won't be busy dealing with all the last-minute tax filings when they're processing your return. If you always hire an accountant or tax-preparer to help you with your returns, consider that scheduling can be a terror about a month before the end of tax season. So the earlier you book, the better chance of getting in sooner and not having issues with actually getting a meeting!
  2. 2. Tips on Filing Your Taxes Early One question you might have is "Just how early can I file my taxes?" In general, you can start filing your taxes as soon as you have all the relevant documents in your possession. When filing your taxes, ensure that you don't utilize the information from the last pay stub of the year. Often times, a pay stub doesn't reflect the exact amount that was earned throughout the whole year or they don't include all the information needed for the CRA. If you prefer not to hire an accountant or tax-preparer, consider using tax preparation software. Tax software allows you to easily prepare your own returns and electronically file them with the CRA through their NETFILE program. The CRA website offers suggestions for both free and paid software options. Check for Mistakes If you want to finish your taxes as early as possible, ensure that you check for mistakes as they are a very easy way to slow your tax returns. Consider filing your tax return electronically, as the computer software can detect and even fix many of the errors. If you are manually filing your return, print all of the information, such as your name, address, and social insurance number clearly and correctly. If you're married but filing your returns separately, ensure that you don't include any of your spouse's information on your return. Homeowner Tax Credit Options to Check Out As a homeowner there are some tax credits you may be eligible for. There's the home buyer's amount a non-refundable tax credit - which is for couples (either married or common-law). You may know it as the First Time Home Buyers' Tax Credit but note that if you are a person with a disability, or are buying the house for a related person with a disability you do not need to be a first-time home buyer. If you've made renovations to your home for mobility impairments you can claim those expenses under medical expenses deductions. And don't forget the the Home Buyer's Plan allows you to withdraw up to $25,000 from your RRSP to help with your new home purchase/construction. There's also the GST/HST residential rental property rebate if you've purchased a home and are renting it out - perfect for the new landlord.
  3. 3. There's also a ton of expenses you can claim if you run a business from your home including deducting some of your property taxes, mortgage interest and more. And make sure to check out the options for having a work-space in your home - this one would be applicable to you if you needed to bring work home on a regular basis and wouldn't be getting reimbursed from your employer. For most people, the word taxes conjure ideas, and often memories, of stress and last-minute panic. Fortunately, taxes don’t have to be a stressful task for you. As you can see, there are many reasons why you should get a jump start on your taxes this year, and fortunately, there are many, many tips you can enforce and consider in order to get the job done. And of course, the sooner you get your taxes filed, the sooner you get your return back! About Author:As an industry leader with over 50 years of building experience, Pacesetter Homes offers a wide variety of outstanding home plans. Building attached garage, rear lane, duplex and town homes ensures you will find a home product designed to fit your lifestyle. We include many upscale features and offer a variety of standard finishing packages, providing your family the opportunity to select the home options that reflects your personal dreams. Timeless elegance, refined design, and innovation of style are what make Pacesetter Homes one of the most successful builders in Western Canada.

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