This is the time of the year in which the world of work is divided into those who expect tax rebates and those who are afraid to see how much they owe. Yes, yes, this is the tax time. The buzz has started with the release of T4 and the company will deliver it by the end of February.
Tax returns are one of the essential things in life, but they have never really been reviewed.
Surprisingly, high school did not offer life skills courses covering real life courses such as budgets, tax requirements and filing, resume writing, interviewing techniques and grocery shopping.
It's time to collect all the documents needed to prepare the tax. These include documents such as T4, T4A, T4E, T5, T5007, receipts and certificates. Although most individual tax returns are submitted electronically, paper copies or records must be retained and made available to the CRA upon request.
One of the tax cuts remains the RRSP donation. The deadline for RRSP contributions for the 2017 tax year is March 1, 2018. It is important to keep track of your RRSP contributions to ensure that you do not exceed the limit and incur excessive contribution penalties. Although you can get a lifetime overpayment of $2,000, it is best to include any excess charges in the next tax year.
Investment is another ambiguous area for most people. There are multiple qualified RRSP investments available, such as quarantine or mutual funds, stocks, bonds, ETFs and GIC. It is very important to have a diversified portfolio. In other words, don't put all your eggs in one basket. If you haven't done it before, this will be a good time to talk to a professional financial advisor. Financial planners understand all the benefits and risks of each option and which are best for you and your life stage.
Now that we've talked about the upcoming tax season, stay tuned for more advice on tax cuts.
Orignal From: There are two certifications in life, one is tax
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