Tax Hacks. Top 6 Tips to Get the Most out of Tax Season

Jan 16 17:01 2020 Print This Article

Are you leaving money on the table when it comes time to file your taxes? Lots of people do. They leave that ratty pile of receipts in the drawer (where they left them last year, too). And they don’t take full advantage of the deductions to which they are entitled.Let’s get your taxes done right, so you can get the biggest possible tax refund. Here are some easy tax hacks and pitfalls to avoid:

1. Deduct your deductions

Remember, that a tax refund isn’t a freebie from the government. It’s your money! They’re just holding onto it for you. Get the full amount you deserve by claiming allowable deductions. Deductions lower the amount of your income that’s subject to tax. Here are two common ones that you may qualify for:

RRSP contributions. If you contributed to an RRSP before the deadline, then you can deduct those contributions. To find this number, you can simply check the receipts provided by your financial institution. These will outline contributions made between March 1 and December 31, 2019, and an additional receipt will outline contributions made before March 2, 2020. It’s a good idea to hang on to these receipts in case you’re audited—but you don’t actually need to submit them for filing!

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WealthBar

WealthBar is Canada's first and only full-service online financial advisor. They help thousands of Canadians save time and money with online personal financial planning facilitated by real financial advisors and offer professionally managed investment strategies that are a faction of the cost of traditional mutual funds while also offering better diversification

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