2016 Tax Tips for 2015 Filing Year

How big will your tax refund be?

Did you know that last tax filing season, the average tax refund was just under $1,800, or about $150 a month? That’s a lot of money to give to the government on an interest-free basis. Yet that’s what almost 17 million tax filers did and CRA paid back approximately $30 Billion dollars. Astute tax filers will want to get that money back working for their own futures quickly this year. If that includes you, do file your tax return early and accurately. But make sure you have all your documentation, first.

Make a point of acquiring and reviewing tax software if you are NETFILING this year. If you hire a pro, make an appointment as soon as possible to determine what is needed to meet new tax filing rules and discuss what has changed in your personal affairs. Births, deaths, marriages, divorces, new jobs and job terminations – all can impact the tax return. Perhaps you started working out of your home or using your car for business?  Be sure to give yourself the time to find out how to file your returns to your family unit’s best benefit.

©2016 Knowledge Bureau Inc. All Rights Reserved. Used with Permission.

Additional Educational Resources: Family Tax Essentials: How to Build a Wealth Purpose with a Tax Strategy, by Evelyn Jacks, available in e-book or hard copy format and T1 Professional Tax Preparation - Basic.

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