We are rolling into tax season and while you may hate the thought you maybe also thinking that you wish you had a way to reduce your tax burden. Is this just wishful thinking or could it become a reality?
A lot of people really can reduce some of their tax obligations if they were willing to really focus on what would be required. Plus, utilize all the resource available for doing this with one of the most important ones being a quality and experience tax accountant.
In this regard, you want a tax preparer who is willing to go that extra mile, and not just approach your tax filing in general. This expert should know what may be unique about your tax situation and determine where it can be made better. It may only be a suggestion or two but these ideas could really help to make a tax difference.
If you own a business then you have double the work of looking at how your can decrease your Canada tax. You want to do this for your business as well as your personal tax obligations. If you have a spouse see what can be done in respect to the two of your concerning each of your tax situations. Your spouse for example may have some unused credits left over that you could utilize.
Give yourself a refresher course as to what the non refundable and refundable tax credits are for the year that you are working on for your taxes. Not everyone is current with their taxes, and if not then it is really important for them to look at how they can cut some of their tax costs. If this is you then you are probably going to be dealing with penalties and interest.
Even if you don’t know how to decipher all of the information that is available to you regarding credits, make a list of the ones that you think that you may be eligible for. This way it will jog your memory to speak to your accountant about them. He is the expert that will be able to determine if you qualify for them. If not, then you may only need to make a few slight changes where you can take advantage of them for the following year.
Even though this is an election year which means there may be soon good tax surprises on the horizon, they won’t be of any value to you for your last year’s return. Still keep them in mind for future tax planning.
