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2015 New Years Resolutions for the Canadian Tax Payer

New year for Canadian taxpayer

It has become such a tradition for many of us to start off a New Year with a definite plan for changes for the better.   We make note of these by making New Year’s resolutions. These usually focus around changes that we want to make to our current lifestyles.    If you really want to make a big change for the better in this coming year, why not think about making a Tax New Year’s Resolution list. It could go something like this….

Plan to pay .Even though your tax filing may not be due as yet, if you suspect that you may have to pay some taxes, then start planning for this now. Even having a portion of your tax payment put away ahead of time will really help to lift the burden off you financially.

Don’t procrastinate on your tax situation. If you have a tax issue, stop ignoring and make the resolution that you are going to resolve it or address it.

Make a plan to become really proactive this year in your tax situation. You can do this by making sure you are ready to spend some time with your accountant who is the expert that can explain your tax situation to you.

Take the right tax steps. With all of the new information that you gain by putting some of these other tax resolutions to work for you, then make sure you act upon them.

Take one day a month to organize all of your pertinent tax material.   This can make a big difference in potential savings come tax time.

Make it a point once a week to check out what the government is saying about their tax program.   By keeping track of what proposed changes could be taking place, it can help you make potential changes that would have a positive effect on your tax situation, or prevent some negative events.

Know your political parties.   Even if you aren’t a person that is into politics, at least learn the basics of what stance your favorite political party takes on the tax situation. Also, take a look at what is in the politician’s platforms that could have a detrimental effect on your tax situation. You have the power of your vote remember.

Share your thoughts:   You may believe that because you are only one voice that it means nothing. However, when many voices come together then there is an impact. Be sure to share your views on sites such as our blog section for example. All it takes is one comment to spur the interest of others.

Rely on the professionals for important financial decisions.   If you are contemplating taking some action that could change your tax situation, it is worth running it by your accountant first. You may not be aware of the facts that could determine if it is a good tax move or not.

Don’t forget if you are in need of accounting services I am accepting new clients. Just give me a call here at  416-398-1700.

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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