Are You Ready for the 2019 Tax Season?

 

Many people wait until the last couple of weeks to scramble and get their tax information ready before it is due on April 30th.  In 2019, set yourself a goal to get ahead of the tax season. Staying ahead of the game and having everything organized can help you to be sure that you are not leaving anything out when it comes time to file.

 

Here are some ideas to consider when looking at filing your 2018 taxes this coming April.

 

–           Changes to Status.
If you had any changes to your filing status in 2018, be sure to have the proper documentation ready. Changes can include marriage, divorce, or if you have new qualifying dependents. Make any necessary changes now to your status now, before it gets closer to tax time.

 

–           Offset Profits

If you trade in the stock market, now is a good time to take a good look at your stocks to avoid large capital gains. Strategies exist such as selling losing positions that can help you to produce tax losses and offset your gains in other investments. For more ideas on offsetting profits, speak with a professional financial advisor.

 

–           Get Everything Together Now

To be sure nothing is left out, start getting everything together and organized now. This will ensure you have the time to get everything in order, especially with items that you may have to wait on such as your T4 slip or tax receipts from a charity. Other things to be sure you have may include: information from child care providers, dependent care tax credits, and applicable expense receipts. Organize all expenses and documents now to have them ready well ahead of April.

 

It may seem early to start preparing your taxes for filing now, but the earlier you can get on top of this chore the easier it will be to file. Being ahead of the game also means you are less likely to leave anything out, which can be a huge headache (and lead to potential fines) later on if you have to refile, or lost deductions.

 

To help ensure you have not left anything out, the Government of Canada has assembled this handy checklist for filing your taxes.