April 30, the final day for filing your personal income tax, is coming up quickly. That date also marks when self-employed individuals need to pay any tax owing for 2019, otherwise; interest will be accrued after April 30. That said, self-employed individuals technically have until June 15 to file their income tax forms but be sure you don’t owe any taxes if you wait until then.

Due to the huge volume of tax returns carefully prepared by the committed bookkeepers and tax preparers at Canwest Accounting, March and April are extremely busy. Clients need to get their paperwork into Canwest by April 14 so staff can prepare their income tax forms and file these before the deadline. Anything received later they cannot guarantee will be filed by April 30.

This year, there are a few changes that tax filers should be aware of. The British Columbia government has eliminated the education tax credit, which helped offset the cost of books and supplies, starting in the 2019 tax year. However, the full amount of post-secondary tuition fees can still be claimed. Keep in mind, there’s a new tax credit called the Canada Training Credit, which allows Canadians ages 26 – 65 to claim up to half their training or course fees, to a total of $250 per year. This can be accumulated starting this calendar year to a total of $5,000 over a lifetime. Hold onto your receipts for any eligible training from this year to claim on your 2020 tax return.

Most people should receive all the receipts and forms for their 2019 tax return by mid-March.

“We always recommend ensuring you have your receipts, forms and statements in order before the end of March,” says Sharlane Bailey, Owner of Canwest Accounting.

When having Canwest Accounting do your taxes, make sure you provide the following (if applicable):

  • T4 slips
  • Registered Retirement Savings Plan (RRSP) receipts
  • Tuition receipts (often available online)
  • Investment statements
  • Donation receipts
  • Medical expenses
  • Childcare receipts
  • Rental income and expenses
  • Self-employment income and expenses

To have the exceptional team at Canwest Accounting save you time and money by preparing and filing your tax return, call to make an appointment or drop in at either the Victoria or Langford location. When dropping off your tax information – preferably by April 14 – please have our Personal Tax Checklist filled out.


DISCLAIMER

The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions presented.

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