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Carmela Pirillo CPA
CPA
Carmela Pirillo CPA
CPA
Carmela Pirillo CPA
CPA
Tax season is around the corner. Are you ready?
By Carmela Pirillo | Published: Jan 3 2022
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Here are some tips to help you get organized so that you don't miss out on any tax credits and deductions.

  • Do an annual review and note any major life events such as births, deaths, marriages and divorce. These will all have an impact on your tax return.
  • Double check on credits and deductions that you were entitled to in the prior year. Are you still entitled to these for the coming year? Make your list and include items such as medical expenses, Canadian caregiver credit, disability tax credits, union dues, and moving expenses.
  • Get yourself organized. Start with a folder for all your income in the year including any self employed income, rental income and your regular day job T4 income slip. Investment slips tend to disappear so ensure you are receiving all your T3 and T5 slips in a timely manner. Pay very special attention to any capital gains or losses you may have as a result of the sale of some of your investments. If you have questions, contact your financial advisor.
  • If you are running your own business you need to categorize your information. Sort through the paperwork and tally up receipts in categories such as cost of sales, office supplies, advertising, networking, telephone, automobile (this should be further separated into fuel, repairs & maintenance, insurance, parking, and lease payments). Don't forget your HST return if you are a registrant.
  • Sign up for a CRA My Account so that you can see your tax return history. You can also access and print any income slips that you may be missing.
  • You can prepare your own tax return. Start the process early enough so that if you find yourself in a bind and overwhelmed, you still have time to hire an accountant.
  • File on time to avoid late filing penalties which can be significant depending on your filed return.