Five Tips To Get The Most Out Of Your Personal Tax Return
Everyone wants to maximize their tax returns, but not everyone follows the best practices to obtain them. To ensure you get a head start on your taxes so you can figure out where you can increase your potential tax returns, Crosby Business and Tax Services Ltd. has listed five tips to get the most out of your personal tax return.
Tip #1: Talk to your accountant
Let your accountant know what changes or significant events have taken place in your life. That way, they can help you classify your expenses, help you save, and invest your savings better.
Tip #2: Act quickly
Don’t wait till tax season to meet with your accountant. Reach out before the RSP (retirement savings plan) cut off. This will help you plan your investments efficiently and save as much as possible.
Tip #3: Be organized
Make sure to maintain your receipts and bills so that you can refer to them when preparing your taxes. Sort them as per your convenience and keep them in a file or folder, which you can access whenever you need to.
Tip #4: List questions
Prepare a list of questions you may have so your accountant is aware of your concerns and can address them. Remember, there is no such thing as silly questions, so feel free to ask as many questions as possible about your taxes.
Tip #5: Start early
Don’t wait until the end of April to prepare your taxes. If you do, your accountant will be too busy to help you out, and you may receive a fine from the Canada Revenue Agency (CRA) on account of late submissions.
For more tips on how to get the most of your tax returns, reach out to Crosby Business and Tax Services Ltd. We are business, tax consultants in Calgary, AB, and we are confident about the services we provide. We support our clients with continued education and reliable services. We respect their privacy and provide initial consultations at no charge so they can first meet with us to see if we match their expectations. We work closely with our clients to help with strategic wealth management and to provide them with efficient tax consulting, preparation, and planning services.