02/11/2020

Get ready for the tax season


  1. Centralize (or digitalize) and itemize your files  Gather all tax-related files, receipts, and other paperwork in one place so you have it when you file. Consider scanning your files and saving them securely on your hard drive or cloud storage so you can easily access them. Itemizing and categorizing your files by the type of paperwork, such as medical receipts, tax forms, and charitable receipts, will also make your life easier when it comes time to file your income tax return.By the way, scanning your receipts on a regular basis may be a good practice so you can not only prepare for the tax season, but also keep a record—just in case the CRA wants to review them later. (Receiptbank is very handy for this sort of thing!)
  2. Keep track of your capital gains and losses Sold stocks or your home? Keeping track of your capital gains and losses throughout the year is important. Make sure you have records of your buying and selling prices to make it easier to file your taxes.
  3. Don’t delay, start now Get into the habit now and do not wait until April 30 to look for and review your files. By staying on top of your paperwork now and throughout the year, you can avoid surprises like forgotten receipts and missing documentation that could result in underestimated taxes. Once you have a system working for you, make sure to keep using it after the tax season is over.

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