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Death, taxes, etc.

By Trevor J. Adams | Feb 24, 2012
Tags: Leanne Salyzyn, money management, personal finance, taxes

Guest blogger?Leanne Salyzyn?is an insolvency counselor, licensed restructuring professional and trustee in bankruptcy.?Post a comment or contact her on?Twitter?with your personal-finance questions.

I have a joke in my office that reads ?There are two kinds of people who hate filing their income tax return. Men and women.? There?s a lot of truth in that joke.

Preparing you income tax return is a chore that few enjoy. For many, they prefer to farm out the requirement to a qualified tax preparer rather than take the task on themselves. In either case, there are few key points that every taxpayer should be made aware.

The 2011 income tax filing deadline is April 30, 2012. Self-employed persons have until June 15, 2012 to file their return, however if there is a balance owing, interest starts accumulating after April 30, 2012.

While the end of April may still seem quite far away, the deadline for RRSP contributions is less than a week away (February 29, 2012). This is a critical deadline if you intend to contribute to savings in the form of an RRSP for the tax year of 2011 while reducing your taxable income for 2011. I suggest marking this date on the calendar and not leaving a conversation with the bank or a financial advisor until the last moment. Often contributions to RRSP?s will reduce taxable income to allow a refund to be generated, which can then be reinvested or at the very least, avoid a tax liability from being incurred.

I?m often surprised by the number of taxpayers who seek my financial advice and do not believe they are required to file an income tax return. If you must pay income tax or have earnings on which CPP contributions must be paid, you are required to file a tax return. Furthermore, if you disposed of investments, capital property or if the Canada Revenue Agency (CRA) requests that you file a return you must do so. Many individuals may also choose to file an income tax return as a way to take advantage of such credits as GST rebates or the Child Tax Benefit Credit (CTBC).

You don?t need to be an accountant to annually familiarize yourself with changes to the Income Tax Act. We sometimes forget that circumstances such as a change of martial status, relocation or caregiving an ageing parent can affect the way we file our return. The Canada Revenue Agency (CRA) has a free on-line tutorial explaining the basics of taxation, the tax filing process in Canada, roles and responsibilities and how to complete a basic tax return. www.cra-arc.gc.ca

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Source: http://halifaxmag.com/2012/02/blog/death-taxes-etc/

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