What Is In Your Tax Survival Kit?

by Guest on March 5, 2011

Tips to make preparing your tax return easy:

1. Keep it together: It may seem simple but as your slips and receipts arrive, pick one spot to keep all your paperwork together. Some suggestions: envelope, shoe box, plastic bag or a really big clip.

2. Search and retrieve: A taxpayer is responsible for reporting their income during the tax year even if they don?t receive all the right paperwork. If you are missing a T4 or other income slip, do your best to track it down before you file. If not, provide the best estimate of your income and report it.

3. Reflect on your year: Significant life changes can impact your tax return. If you got married, bought a house, went to school or had a child in 2010, you should understand how your tax return will change.

4. Find your NOA: The Canada Revenue Agency sends every taxpayer who files a Notice of Assessment with a review of their tax return no matter how they filed. Your 2009 NOA has important information like your RRSP contribution limit and any carry forward credits.

5. Don’t delay: With April 30 falling on a weekend this year, there are a couple of extra days. It may be tempting to procrastinate more than usual but waiting until the last minute is never a good strategy. No matter how you prepare your taxes, have a plan so you can file before May 2 at 11:59 p.m.


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