Setting aside Christmas for a moment, the end of 2017 is fast approaching and while we look to say goodbye to the old year and welcome the new year, there’s one little niggling thing that will always bring us back to the past: taxes. So before you belt out your best rendition of Auld Lang Syne, here are some tips from your friends at H&R Block to make sure 2017 doesn’t creep back in to your 2018:
hello calendar, my old friend. Agendas are so in right now—it has never been more fashionable to carry around one that reflects your interests and personality—all while helping you stay organized. With a new agenda in tow, add in all relevant tax-related dates now so they don’t sneak up on you. For example, February 26: this is the day the Canadian Revenue Agency (CRA) will open. It’s the latest opening in Canadian history, and means Canadians will have a shorter window to file taxes. April 30, 2018 and June 15, 2018 are also key dates—they’re the deadlines for filing 2017 personal tax returns (the latter is if you’re self-employed).
organization is in style. Slips, receipts and documents, oh my! You’ve already been collecting bills, tuition receipts, transit passes, charitable contribution receipts and health expenses this year, but where do you keep them? It literally pays (in the form of a tax refund!) to be organized, so make sure to keep all receipts in an easy-to-find space, with tabs to separate by category and make your filing that much easier.
ask questions. To ensure you claim all the tax credits you qualify for, find out how things like your medical condition or living circumstances can affect your tax situation. For example, you can claim benefits for taking care of a loved one who is suffering from an illness or has a disability. Also, did you experience a major life event such as buying a home, get married or have a child? These are all things that you can discuss with an H&R Block tax expert to determine if you are eligible for additional benefits and head in to 2018 with a better idea of what your tax situation might be.
While filing taxes might give you a lot to think about, following these tips is a great way to end the year with your mind at ease and be ready to dive right in to tax season come the New Year! —Vita Daily
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