The deadline to submit your tax returns are quickly approaching. There are are numerous potential credits people can use, and money expert jessi_moorhouse is here to MakeItMakeSense
#MakeItMakeSense is a series from the Star that breaks down personal finance questions to help young Canadians gain more confidence and understanding around financial literacy.
“Whether you’re submitting through your accountant or tax software or if you’re doing it the paper-based way, that means having it submitted or postmarked in the mail by May 2 at the latest,” Moorhouse said.For all workers, Moorhouse advises that people aim to complete their taxes prior to the deadline instead of scrambling — and potentially forgetting — to file certain expenses.To get organized, Moorhouse advises scheduling part of a day to set up a meeting for yourself to get your taxes done.
She adds it’s important to ensure all of your CRA information is up to date, from your marital status, to your direct deposit information and contact information. When it comes to filing home office expenses, Moorhouse says Canadians can either choose from the CRA’s temporary flat rate or detailed method.
Moorhouse says that for most people, it may make the most sense to complete the temporary flat rate method because it’s a straightforward process without having to collect extra documents.There are numerous potential credits people can use, Moorhouse says. You can find a full list on theOne credit that Moorhouse highlights is moving expenses — which you may be eligible for if you fit the specific criteria.
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