This week’s Knowledge Bureau Report is dedicated to those often-missed and often-audited discretionary deductions and credits that both professionals and taxpayers will want to ensure they’re maximizing on to improve the size of tax refunds and/or reduce family tax bills.
The objective of these last minute tax tips: to keep the focus on how much money you keep – after tax - to pay down debt and save more money for your prosperous future. Remember, there are likely many ways to prepare a tax return mathematically correctly; however, the objective is high-quality tax filing for the whole family unit.
Remember too, that if you missed claiming a lucrative provision, you can request an adjustment to a previously filed tax return – never file another return. Under Canada’s system of self-assessment, the burden of proof is on you, so file audit-proof returns and avoid penalties and interested by paying what you owe on time. Can’t pay? File your return on time and then negotiate a payment schedule with the CRA.