It’s that time of year where the government is starting to collect your taxes.
Tax season is getting underway and there are some things to keep in mind before you start filing your returns. Partner with Wilkinson Livingston Stevens Accountants in Lloydminster Scott Wilkinson says the biggest thing to remember is to not miss any deductions.
“In terms of what people often miss is sometimes medical expenses that they’re not aware of, including some travel expenses that you can claim with regards to that.”
He also adds the the Canada Revenue Agency can penalize you for any missed income.
There are some changes made by the Liberals for 2017, including eliminating the children’s fitness credit, education and textbook credits, public transit credit and Saskatchewan employee’s tool tax credit. Wilkinson says that these are minor changes that won’t make a big impact on filing taxes.
“They were starting to be phased out, for example the children’s fitness tax credit last year was phased out 50 per cent. So it went from a $150 refundable down to $75 last year. So you’re looking at $75 refund that we’re missing out on this year.”
Electronic filing is open now and the deadline to get your taxes filed is April 30. Businesses have an extended date of June 15 to file their returns.