It’s tax season again. Although 35,000 Canada Revenue Agency workers are currently on strike over wages, the deadline for Canadians to file their taxes is still May 1.
Electronic tax submissions, which are processed automatically, are not affected by the labour action, and taxpayers who owe money will be charged a late filing penalty.
So as you collect your T4 slips and decide if you need to hire an accountant, we asked tax experts to share all of their secrets. Whether you’re a new investor, a newcomer, or a soon-to-be retiree, here are the tax tips you need.
Nine of the biggest tax mistakes people make
Filing taxes can involve a lot of paperwork and information that you might have forgotten if you don’t plan ahead, and a lack of preparation can lead to mistakes.
Globe reporter Salmaan Farooqui asked Canada Revenue Agency spokesperson Charles Drouin and other experts to talk about some of the most common errors that people make on their tax returns.
Read the list of the biggest mistakes people make when filing their taxes.
Six tax changes that you should know about
Filing taxes would be complicated enough if the rules around them didn’t change every year. Some of the biggest changes this year include:
- First-time home buyers’ credit
- Labour mobility deduction
- Changing tax brackets
See what other changes to look out for in your 2022 taxes.
Tips for newcomers to Canada filing their taxes for the first time
Moving to a new country and dealing with brand-new tax rules can be a dizzying experience. Tara Benham, national tax leader at Grant Thorton, goes through some basic and not-so-basic tips for people new to the Canadian tax regime.
From worldwide income to foreign investments and dependents abroad, this is a fulsome introduction to filing taxes in Canada for the first time.
These tax strategies can help retirees save thousands of dollars each year
Retirement is a time of massive changes, and taxes are one of many things that’ll change drastically. Tax experts say it’s imperative to create a plan years before your retirement to organize your savings in a way that minimizes your tax exposure.
Simply put, if you’ve never used the services of a tax expert before, you should consider it in the years leading up to retirement. An effective strategy that splits income between you and your partner can save tens of thousands of dollars in tax payments per year.
See what tips and strategies you can put in place to save thousands of dollars a year in retirement.
New to investing? Here’s what you need to know about filing your taxes
The COVID-19 pandemic ushered in a new era of investing as Canadians spent long periods living with lockdowns that limited their expenses. Whether it’s crypto or day trading, many people turned to investing as a way to use unspent money.
That’s all well and good, but investing comes with its own tax rules as well. Experts offer some tips for newbies to the markets.
Eight overlooked and obscure tax credits you should know about before filing
There are endless tax benefits targeted at all sorts of demographics, and tax experts don’t blame you for not always knowing which ones apply to you. Tax policy is a complicated stew of relief for a diverse population.
Here’s a list of some of the obscure or most forgotten tax credits and relief according to the Canada Revenue Agency and other tax experts
Marriage, children, retirement: Tax tips for families going through life transitions
Families are always changing, whether you’re getting married, having a child, taking more care of a parent or sending a student to university.
The changes can also bring new tax credits and procedures into your life. Tax experts offer some tips for families as they move through different periods of life.
Five types of people who should consider hiring an accountant for taxes
People who might benefit from the assistance of a tax professional often worry that their messy bookkeeping will be scoffed at. But parsing through these complicated matters is part of the job.
The general rule here is that if anything about your work life is more complicated than having one regular employer, you could seriously benefit from the advice of a professional. Here are some of the folks that might need help the most.
Five tax tips for self-employed and gig workers
The digital economy has created a new wave of gig workers, contractors and self-employed people. But the transition into this form of work doesn’t come with a handbook that warns how complicated your taxes are about to become.
The reality is that filing taxes when you work for yourself is a completely different ball game, and it’s highly recommended to work with a tax expert to ensure you don’t make mistakes on your return. We compiled some tips from experts.
Four tips for filing your taxes at the last minute
If you’re filing taxes at the last minute, you’re not alone. TurboTax Canada found that 32 per cent of Canadians leave their tax filing to two weeks before the deadline, and 6 per cent wait until just two or three days beforehand. Here are a few things to think about if you haven’t filed taxes yet.
More tax tips:
- Why snowbirds who spend significant time in the U.S. face major tax repercussions
- Nine ways to prevent triggering a CRA tax audit
- Stress Test podcast: Tips to make the most of your return this season