(NC) With your taxes due soon, keep in mind these top tips for a smooth experience.
Keep your receipts in a safe spot. If you make one-time donations to charities throughout the year, make sure you keep your tax receipts in a safe spot that you remember — either electronically or filed away. This way, you won’t be left scrambling at the April filing deadline last minute.
Get help from a professional. Tax season can be overwhelming, and the last thing you want to do is make a mistake. If you’re confused, don’t be afraid to seek professional help. Many accounting firms will take walk-ins right up until the deadline.
Keep track of donations throughout the year. Be sure to keep track of your gifts if you’ve donated to multiple charities throughout the year. This way, you know what receipts to look for and can file an accurate and up-to-date return. If you are a monthly donor, charities are required to send you a cumulated tax receipt early in 2019. Be sure you know how to follow up with charities if you haven’t received a receipt.
File on time. Even if you don’t have all the paperwork in order, it’s important to file your taxes on time. It’s better to request an adjustment after the deadline than to miss it.
(NC) In January 2019, the Canada Pension Plan (CPP) enhancement will take its first step toward improving retirement benefits for all working Canadians.
Starting this January, you and your employer will begin making higher contributions to the CPP. In 2019, the contribution rate will increase from 4.95% to 5.1%. Contribution rates will rise gradually from 2019 to 2025, so you have time to readjust your yearly budget. By increasing your contributions, you’ll receive more from the CPP when you are eligible to receive these benefits.
Your employer will deduct the increased CPP contributions from your paycheques as they have in the past. If you file your taxes electronically there will be no extra work for you to do at tax time. If you file on paper, Canada Revenue Agency (CRA) forms will guide you through calculations needed to claim a tax credit on the base CPP contributions and a tax deduction on the enhanced CPP contributions.
The CRA offers resources and tools to help you understand the enhancement, how the enhancement will affect you, and what you need to do in order to be prepared.
Find out more at canada.ca/cpp-enhancement-employees.
(NC) Doing your taxes can seem like a difficult task, but it’s the key to getting the benefits and credits to which you’re entitled. Even if you don’t have any income to report for 2018 or your income is tax exempt, you can still claim helpful tax credits and benefit payments. Just remember to do your taxes by April 30th, 2019.
The Canada Revenue Agency uses the information from your income tax and benefit return to calculate the benefit and credits to which you may be entitled. Some common payments include the Canada child benefit, child disability benefit, the GST/HST credit, Guaranteed Income Supplement, the working income tax benefit, and related provincial and territorial payments.
You only need to apply once for benefits and credits, but to continue getting your payments you need to do your taxes on time every year and keep your personal information, like your address and marital status, up to date. Make sure to keep your supporting documents for at least six years in case the CRA asks for them. Need help doing your taxes? Feel free to contact the advertisers on this page.