The holidays have come and gone, which can only mean one thing – tax season is now upon us.
We’d all like to shell out less of our hard-earned cash to the “tax man,” but knowing how can seem daunting and downright confusing.
Don’t sweat it – Liberty Tax in Vernon has you covered.
The fastest growing retail income tax preparation firm in North America shares eight ways to take action with these last minute tax saving opportunities:
1-Get Your Tax Refund in a Flash
Don’t want to wait to receive your refund? That’s okay! Eligible taxpayers can have their tax refund advanced to them.
2- Baby Bonus!
Did you know that the new Canada Child Benefit is non-taxable? This means you do not have to wait for any tax slips for Child Tax Benefit monies received after July 2016. It also has no impact on your tax return.
3- Don’t Have it? Don’t Sweat it
Nowadays, you don’t need all of your slips in order to file your tax return. The Canada Revenue Agency holds most common tax slips online.
4- Avoid Auditing
Canada Revenue Agency is stepping up audits with increased funding from the federal government. Find a certified tax preparer that offers audit assistance on all tax returns to help avoid an unnecessary audit.
5- Disability Factor
Do you have a disability? Canada Revenue Agency offers a credit called the Disability Tax Credit that you don’t want to miss out on claiming. This is a non-refundable tax credit given to tax payers who have had their disability approved through the Canadian Revenue Agency. If you think you might qualify, contact a certified preparer for more information.
6- Scammer Beware
As tax season approaches, so do scammers via the telephone. Never respond to these calls. The Canadian Revenue Agency does not call by phone. The CRA communicates via mail and your online account – not by threatening phone calls.
7- Home Sweet Benefit
If you sold your home in 2016, you are now required to report the sale on your tax return. If you became a first time homeowner in 2016, you are also eligible for the first-time Homebuyers’ Tax Credit.
8- Business Owners Take Note
Small business owners are advised to seek a reputable tax preparer for a consultation. That doesn’t necessarily mean you will need to employ their services full time. Sometimes just a couple of hours of their time will be enough – of course, that will depend on the stage of growth your business is currently at.
No matter your tax situation, Liberty Tax, located at 1B-2901 27th St., Vernon, can help.
Founded in Canada in 1997 by CEO John Hewitt, a pioneer in the tax industry, Liberty Tax has prepared more than 8 million individual income tax returns and currently operates 3,500 offices throughout the United States and Canada.
For more information, visit www.libertytaxcanada.ca