It’s getting close to tax time in Canada.
Most residents won’t begin filing until the end of February when income slips arrive.
Gerry Vittoratos, a national tax specialist with U-File, says now is the best time to get prepared.
“The other thing to think about, essentially, is, of course, anything related to COVID. So if you’ve got COVID-related benefits, make sure that you have your slips in hand. These benefits will be paid through a T4 payslip,” says Vittoratos.
Vittoratos says receipts are also required for benefits related to working from home.
“A lot of the expenses that you incur for your home office are eligible, but you could also take what the government is offered since last year, which they called the temporary flat rate method.”
Vittoratos says, with that method, you can claim two dollars a day up to a maximum of 500 dollars.
Vittoratos also recommends filing as early as you can. That ensures a quick return on any money owed.
The Canada Revenue Agency says filing online and having direct deposit limit the time to about two weeks from filing.
“There are certain programs that you have to follow your tax returns to be eligible for. So, for example, GST credit, for example, Canada Child benefit. These are amounts that are based on your return. The sooner you file your return, the more likely to lead that you will get. Collect those benefits on time.”
