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moneysense.ca, 3/04/08
Start Working on Your Taxes
The deadline for filing the 2007 tax return is April 30, 2008, so if you haven’t already, it’s time to start working on your taxes (remember the steep penalties when owing a balance and filing late). Apart from the usual T-slips, RRSP contributions, receipts from charities etc., you’ll need to gather monthly transit passes and receipts for your child’s sports activities. Among the changes for the 2007 tax year are tax credits for using public transit and a tax credit of up to $500 if your child participates in a prescribed program of physical activity. Seniors could save significantly by taking advantage of the change to allow for splitting of pension income.
If you are going the paper route, you can download an income tax package from the CRA website. If you planning on using tax software you can either use a web application or purchase packaged software from a retailer or download a desktop application. The CRA maintains a list of software you can use to prepare your taxes and NETFILE the return. Microsoft Windows users have a number of products to choose from but Macintosh users have to use a web application or choose between TaxFreeway and TaxTron.
moneysense.ca, 3/04/08
It makes a lot of sense to file early, not just on the deadline, particularly if you are due a refund. The money you receive from your refund now can be invested sooner. The longer you leave the refund in the hands of the CRA the less it will be worth in real terms.
Dean
I agree with Dean. I’ve already filed and received my refund. I find that there is a big log jam around the end of April as well. I filed around Mar 7, had the money in my bank account in under 2 weeks. This was using Netfile and Direct Deposit of course.
Dean, Warren: The earlier the better, of course. The longer CRA hangs on to a refund, the longer we are giving an interest-free loan to the government.
Some of us are still waiting for our remaining tax slips, so we can’t file yet. I think I’ve got all of the big ones, but I’m still waiting for a few of the smaller ones.
this is an ugly time of year for the self-employed, even money coaches who are pretty organized. Any tips for getting through it without it being pure drudgery? (and I only acknowledge that it feels like drudgery on a fellow PF blog…, lol)
Nancy: I’ll freely acknowledge that tax season is pure drudgery. The only thing that gets me through is the expectation of a refund from the government but this year, I owe them money, so I’m a bit tardy with my return. Have to work on it this weekend… just when it is supposed to the gorgeous outside… *sigh*