Yes, we are here again: getting ready for the 2018 Tax Season. It's that time of the year when we start to panic if we are not organized or we don't like dealing with paperwork. We'll be helping your during this month to plan and be ready!
The best way to deal with tax season is to be one step ahead, then you can take your time, plan and compile all the documents you may need to file properly. Why is so important to get ready and file your taxes the earliest possible?
The due dates for this 2018 tax season is April 30, 2019. This date apply to most of the taxpayers, except for self-employed individuals and their spouse or common-law partner. If you are in this situation you both have until June 15 to file, but any owing balance must be paid on or before April 30. Then we go back to the beginning: the best way is to file the earliest and always plan for your taxes.
This month I'll be sharing due dates, benefits of planning for this season, examples, check lists and tips on how to navigate this tax season pain-free. Follow our blog and let us know if you have any question.
Photo by rawpixel on Unsplash
The best way to deal with tax season is to be one step ahead, then you can take your time, plan and compile all the documents you may need to file properly. Why is so important to get ready and file your taxes the earliest possible?
- You can get faster refunds if you overpaid taxes during the year with your paycheque (I'll be taking about this next week: how to reduce the tax taken from your paycheque)
- If you owe taxes, then you'll have time to plan for the payments. Due date is April 30, any payment you can make before that date is not subjected to interest or penalties. You can pay your debt by instalments and avoid the extra charges.
- You can avoid delays receiving tax credits and benefits: Canada Child Benefit, GST/HST tax credit, Working Income Tax benefit and Guaranteed income supplement. You can find more information on how to apply here: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/doing-your-taxes.html
- You have more time for reviewing the rules and changes, then you can find all the documents you need and do it right.
The due dates for this 2018 tax season is April 30, 2019. This date apply to most of the taxpayers, except for self-employed individuals and their spouse or common-law partner. If you are in this situation you both have until June 15 to file, but any owing balance must be paid on or before April 30. Then we go back to the beginning: the best way is to file the earliest and always plan for your taxes.
This month I'll be sharing due dates, benefits of planning for this season, examples, check lists and tips on how to navigate this tax season pain-free. Follow our blog and let us know if you have any question.
Photo by rawpixel on Unsplash
