Tax Tips and Tricks

Did you know?

  • The CRA has a program called MyAccount, which allows you to track your refund, view your return, and check on important balances, the expected timing and amounts of benefit payments, and your TFSA and RRSP contribution limits.
  • The CRA has now also released MyCRA and MyBenefits CRA, which are mobile phone applications allowing you access this important information on the go!

Thinking about claiming medical expenses?

  • Before collecting all your receipts, keep in mind that you can only claim amounts in excess of the lower of 3% of your net income or $2,208.
  • Choose a 12 month period that will maximize your deduction, as long as the period ends during the current tax year.
  • Travel expenses required for medical purposes can be claimed, but documentation is required, as the CRA tends to disallow these expenses frequently.

You can find a list of allowed medical expenses here.

Lost track of your pharmacy or medical practitioner receipts?

  • No problem! Simply ask your pharmacist to print a list of your purchases during the year. Your accountant will also thank you, as this list prevents them having to add up all those slips!
  • Most Chiropractors, dentists, registered massage therapists, and other medical practitioners will also do this upon request.

Forgot to claim a donation receipt last year?

  • If you’ve found an extra donation slip that you didn’t include in your prior year’s donation claim, don’t worry, these are eligible to be claimed for up to five years, just include it in the current year with a note to your accountant.

Applying for the Trillium Benefit?

  • The Trillium Benefit is designed to help lower income individuals to cover essential living costs. If you’re applying, don’t forget to keep your rent or property tax receipts! CRA frequently reviews these amounts, especially for students who are renting while attending post-secondary school.

Bringing in Your Tax Return Early?

  • Remember that many banks and investment companies are not required to release T3 slips until then end of March, so let your accountant know if you may be expecting additional slips!

Important Deadlines to Remember:

  • If you are a regular personal filer (not a business owner) your returns must be filed no later than April 30th. Since this falls on a Sunday in the current year, the CRA will accept returns until the end of the business day on May 1st.
  • If you are the owner of an unincorporated business or member of a partnership, you return is not due until June 15th, but don’t forget to make your payment by the regular deadline of May 1st.
  • If you are a business that is registered for HST, you are not required to file until June 15th. If you have taxes owing, they are due by the regular deadline of May 1st.
  • If you are a business with payroll, or who pays dividends, your T4 and T5 summaries and slips must be filed by February 28th.
  • If you are a member of a partnership, your T5013 must be filed by March 31st.