Tax Tip For 2015

File an audit-proof return on time 

Every new list of tax tips starts with this one:  file an audit proof tax return on time, which means midnight April 30 for most people; June 15 for unincorporated small business owners and their spouses.  But if you owe – whether or not you qualify for the later deadline – the interest clock will start ticking on May 1.

CRA usually won’t want your receipts when you file but be prepared to retrieve them in the future.  The record retention period is six years after the end of the year in which you file your return.  Tax advisors can now scan and keep those documents electronically for you if your bookkeeping is brutal.

Tax expert and best-selling author Evelyn Jacks is President of Knowledge Bureau, which offers professional development to tax and financial services advisors and their clients.

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