Income Tax Season is Open

Sort of feels like duck hunting season, except we are the ducks, right?

January through March in Canada brings the joys of receiving. Receiving T4 slips, T2202A slips, RRSP contribution slips, Interest Income slips and so on and so on.

I’ve received a couple of the ones I am expecting and am still waiting on the rest. In the interim, though, I went to Costco this week (I like Costco – not like I love Lee Valley Tools though) and bought myself a copy of TurboTax (which used to be called QuickTax) and is made by the same company that created my favourite accounting software, Quicken.

Armed with what little paperwork I have, I started the process. Install the software, update the personal information and start making a list of what slips I think I am still getting. And when I think I am getting them. A couple of phone calls to confirm details, and I should be able to complete my return and eFile it somewhere around the end of February, all things considered.

In the interim, though, I am left contemplating what others do at tax season. Some go to H&R block and have their taxes completed and a cheque issued right away (personally I would rather wait a few weeks and get ALL of my money back, but that’s me.) Others go to their banks and get tax planning advice and update their RRSP and investment plans. Others rely on their accountants to complete their taxes for them.

If you have a little time and the inclination, try going to the Canada Revenue Agency’s website and take a look around – the My Account section (once you have access) will provide you with a lot of great information. What I love about this section is that it provided me with information from previous years that I hadn’t been keeping tabs of.

If you haven’t already started the process, go to your financial institution and get a little advice – a financial review BEFORE you start your taxes could let you know that you qualify for an RRSP loan. A financial review is free AND could save you some money. Hey – it could even earn you some extra money!

With love across the waters,