(NC) The tax deadline is inevitable every year, whether it fills you with a deep dread or you actually enjoy putting everything together. Here are some important things you should know this year to help you get your taxes done as easily and effectively as possible.
File your taxes to be eligible for the new Canadian Dental Care Plan
The federal government is phasing in the Canadian Dental Care Plan to help cover the cost of oral health care for Canadians who have an annual family income of less than $90,000 and no access to dental insurance. In order to be eligible, one of the requirements is that you have filed last year’s tax return – so that’s another reason to get filing.
Find free tax help across the country
If you have a modest income and simple tax situation, you may be able to have your taxes done by volunteers at a free tax clinic. They can help make sure you get the benefits and credits you’re entitled to. Volunteering for the Community Volunteer Income Tax program (CVITP), run as the Income Tax Assistance – Volunteer Program (ITAVP) in Quebec, can also be a great opportunity to give back.
Prepare in advance
Early preparation can also help make tax time more efficient – and maybe save you money. Before you sit down to file, make sure you have your details and documents ready, from T4s to donation receipts. If you don’t qualify for CVITP/ITAVP assistance, consulting a financial advisor from a reputable company like IG Wealth Management can make preparing easier and ensure you maximize tax credits and deductions, and stay on top of deadlines.
Doing your taxes may net you some cash
Even if you didn’t have any income last year, file your tax return. Doing it may even put some money in your pocket. Aside from the possibility of a refund, doing your taxes is the only way to receive many of the federal benefit or credit payments you could be eligible for. Register for direct deposit from the Canada Revenue Agency to get your money in as little as eight business days of filing.
Own residential property in Canada? You should know about the Underused Housing Tax (UHT)
This tax is different from the vacant housing taxes of some municipalities and provinces. While the UHT doesn’t apply to many Canadian homeowners, it’s still up to each owner to confirm if they’re affected or not. If you’re required to file a return for the 2022 or 2023 calendar year, make sure the Canada Revenue Agency receives your return(s) and payment(s) by April 30th, 2024, to avoid penalties and interest.
