78 Tax Tips for Canadians for Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz

By Christie Henderson, Brian Quinlan, Suzanne Schultz

Compiled by way of a professional crew of accountants, 78 Tax assistance For Canadians For Dummies deals useful tax making plans suggestions. those person advice supply elementary recommendation and perception that might keep readers aggravation and funds.

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Speak with a knowledgeable software salesperson before purchasing to make sure you get only what you need. Don’t buy an expensive accounting package if you’re going to use only one or two components. We recommend the software packages Quicken and Microsoft Money for tracking personal and small business expenses, and QuickBooks for tracking the expenses of larger businesses. These packages will help you do everything from tracking your investment portfolio to balancing your chequebook to monitoring payroll.

Don’t think you can get away from keeping receipts and other supporting documentation because you are EFILING, NETFILING, or TELEFILING your return. The CRA can and often does ask to see the documentation! ) Knowing what to do when the dog really did eat your tax records Your worst nightmare has come to life — you’re being audited! And to top it off, Sparky has eaten some of your tax receipts. Does this mean you’ll lose out on all your legitimate tax deductions? Not necessarily. The CRA does understand that these situations can occur, and will give you the benefit of the doubt (sometimes) when you can show reasonable support for the income, deductions, and credits reported on your return.

We’re not the only ones who would choose the computer. According to the government, more than half the tax returns filed in 2008 were filed electronically. 1 million returns prepared and delivered via computer. This number has been growing, and is expected to continue. Looking at the perks and perils of going the techno route Using software to prepare your tax return has a number of advantages over paper-filing. The favourite, of course, is automatic recalculation: When one number on your return changes, the program updates all relevant forms and recalculates your final tax bill.

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