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IMMEDIATE RELEASE

Tax Tips Checklist for All Canadians

March 23, 2017, Calgary, Alta. - Canada Revenue Agency does what they can to make doing taxes easier with their auto-fill. However, it’s sometimes the process of getting all the tax information together that can be challenging for any individual or business owner.

Paige Shaw, Partner – Assurance and Accounting with the Catalyst Group suggest putting together a checklist that includes information slips such as “T” slips and “RC” slips. This checklist also includes other income, expenses, receipts, capital gains and losses, investment statement, RRSP’s, RESP’s, loans, dependents, GST credit and personal tax information.

Shaw says, “Making a checklist can make the process easier. We all intend to be organized at tax time, but it’s the same old thing every year and some get overwhelmed with what to do.”

Getting the most out of a tax return is the goal. First and foremost, it’s best to file on time. Shaw says, “When an individual is entitled to a refund, it’s money was overpaid to the government and naturally they’ll want to get that back as soon as possible. The government won’t pay interest on this money, so the sooner taxes are filed the better.” If money is owed, filing on time will allow the individual to avoid penalties, even if some time is needed to make the tax payment.

If an individual is new to Canada, he or she must file taxes for the first tax year that he or she is a new resident. Canada Revenue Agency also indicates that even if an individual has not received income in the year, individuals must still file a tax return to continue receiving the benefit and credit payments that is entitled. Shaw says, “Canadian residents are taxed on their worldwide income, which is something new Canadians may not be aware of. Canada has tax treaties with many countries world wide, so even though there may not be a Canadian tax implication, Canada Revenue Agency requires all income to be reported on a Canadian tax return.”

However, if a person is leaving Canada for good and has moved permanently during the year and declared themself a non-resident of Canada they are required to report a disposition of all properties, investments and other assets he or she may own – even if he or she has not actually sold them.

Media inquiries contact Paige Shaw at Catalyst to discuss further.

Paige Shaw, CPA, CA
Partner – Assurance & Accounting – (403) 750-5479
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