It is getting close to the deadline to file taxes here in Canada. This time around I am a lot more eductaed in this regard. I know what I'm doing and I am actually employed as a Tax Associate.
I find doing taxes extremely thrilling and it is a great feeling to see huge smiles on people's faces when they hear that they are getting refunds. Not the same, when they owe money!
There are tons of credits that one can claim on their taxes and it is always best to spend time planning your year's finances so that you can get the most out of the taxes that you pay. Always check to see that the declarations that you give your employer at the start of the year are accurate so that they take the right amount of taxes from your pay checks.This simple step allows for a lot of relief at the time of filing taxes.
A rule of thumb to be employed is that if your earnings for the year are under 39,000 the amount of taxes taken out should be about 15%. Always check your pay stubs and do this calculation as this will help you a lot.
The last day to file a return is April 30, however, if you owe money it is best to file as early as possible to avoid late filing penalties and interest costs. Visit www.cra.gc.ca for the most up to date information on Tax Filing.
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