With increased access to tax software and information, more Canadians are opting to prepare their own or their family’s personal tax returns. If you’re one of those individuals it’s important to update your knowledge of any annual changes in order to carry out the process correctly, as well, learn what opportunities may exist with each return’s unique set of circumstances.
Here is a brief checklist of questions to ask yourself before preparing a tax return this season:
- Do I know how to prepare a simple tax return from beginning to end?
- What if I must prepare a more complex tax return with a business, rental and farm schedule, do I understand these elements?
- Do I understand how to utilize different deductions and tax credits to
minimize and/or defer tax implications? - Do I have all the information I need on different tax planning options like carrying forward RRSPs, or donations?
- How is capital cost allowance calculated?
- How is capital gain calculated? How can I potentially use capital gains reserves?
- Are there ways I can maximize the tax savings on certain deductions?
- When it is best to claim an RRSP deduction?
How Talbot & Associates, Chartered Professional Accountants & Consulting Services can assist
Talbot & Associates has been serving clients for over 25 years with personal and business accounting services and professional consultation.
For those who’d like to learn the ins and outs of preparing a personal tax return, T&A is hosting its annual Personal Tax Preparation Workshop this Jan/Feb (6 classes Tues/Thurs Jan 23 – Feb 8) at the T&A Training Centre at 3553 Pembina Highway.
Participants will learn many tips on tax planning and how to prepare simple tax return or more complex ones with a business, rental or farm schedule.
