Good–bye St. Valentine, hello tax time

(NC)—The Christmas tree is long packed away. We've eaten our candy hearts and spent too much money on long–stemmed roses. Then seemingly out of the blue, we receive our T4 slips and begrudgingly admit that yes, it's tax time again.

 

Of course, we shouldn't be surprised. Like Benjamin Franklin said in his famous quote: “...in this world nothing can be said to be certain, except death and taxes”. Surely, we should be used to this by now—and it shouldn't be something we dread.

The good news is: most of us have spent money on something like RRSPs, our daughter's ballet class, or a monthly bus pass, and once we file our income tax returns, we may actually be looking at a refund. Just make sure you're aware of all the deductions and credits that can help you reduce your taxes. If you go to the Canada Revenue Agency's Web page www.cra.gc.ca/getready, you'll see a handful of credits you may be entitled to claim and other tax measures like pension income splitting and claiming tradesperson's tools expenses. If taxes truly are “certain,” then you might as well make the best out of it; get prepared early for tax time and get the breaks you deserve.

Carol Ireland

Carol Ireland

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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