Your income tax return: A guide to the biggest refund
Mastering your income tax return is not as tough as it seems, even though it’s tough to be an expert at something you only do once a year.
As the April 30th deadline for income tax filing draws closer, Canadians are eager to find a way to get the most out of the process. Whether using a software program, filing online or paying to have it done for you, it's not always easy to know what you are entitled to. This article from Moneyville is a comprehensive guide to get you started on the path to the best refund available to you.
First, ensure you are familiar with the list of changes that have been made for 2012. From benefits for students, employees and families with children to medical expense claims and changes to the Canada Pension Plan, it is worth your time to find out if any of these almost 60 changes applies to you.
You will also learn of the most common mistakes made when filing income taxes and how to avoid them. Most of these include overlooking items that could be filed, such as charity donations and child care expenses. However, it is important to ensure you have adequate documentation before claiming these.
Lastly, you will find several tips on how to maximize your 2012 tax refund. Becoming a homeowner, families filing together, filing every year and saving money in a Tax Free Savings Account are just a few ways you can make the somewhat daunting task of filing income taxes work for you.