Your Personal Tax Checklist:
Maximize Your Tax Return

2020 has resulted in unprecedented changes in circumstances for many of us. Some of us are working from home more often, while some of us were laid off. Regardless of your situation, tax time is much less taxing if you’re prepared. 

This blog post will quickly outline a definition of tax deductions before launching into a handy checklist of to-do’s and to-bring-with-you’s to make your next tax return a breeze.

What are tax deductions?

Many Canadians aren’t taking full advantage of the tax deductions available! Tax deductions are usually expenses that you’ve paid that you can then subtract from your taxable income. 

Since they reduce your taxable income, they also reduce your total tax liability because the amount of tax you owe is based on how much taxable income you earn each year. 

You can find a full list of the CRA’s available tax deductions and credits here.

3 Tips to Make Tax Time Less Stressful

Here are our top 3 tips to make tax time less stressful (and to ensure you get your refund as quickly as possible):

Update Your Details with the CRA

It’s a good idea to check that the CRA has your correct details recorded before you submit your tax return. You can easily check your details using your CRA Personal Account. And many changes can be conveniently updated online. 

If you changed your name, you’ll need to contact the CRA directly to update your legal name. 

Apply for CRA

You can apply (via your bank or financial institution’s online portal) to receive your CRA tax refund by direct deposit into your bank account. This reduces the amount of time it takes for the funds to hit your account, since the money goes straight to your account instead of being posted out as a cheque. 

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Providing us with all the information we need means we can more quickly assess your personal tax return AND puts us in the best position to claim all the deductions and credits you’re entitled to. It might take a bit of time to get all the documents together, but it’s usually well worth the time spent!