Are you procrastinating at tax time because completing your annual return is such a tedious task? With Revenue Canada reporting that the average tax refund is expected to be more than $1,600, Consolidated Credit wants to help consumers file on time and laugh all the way to the bank.
April Can be Overwhelming
“For many consumers, April can be an overwhelming month,” says Jeff Schwartz, executive director of Consolidated Credit. “If you haven’t been diligent about keeping your financial paperwork organized, pulling together all your tax documents can be an onerous task.”
The task becomes even more onerous if you fear owing taxes, or are unaware of the numerous tax credits and deductions available to taxpayers in Canada.
“It’s difficult to make heads or tails of the various deductions and tax credits that can make your tax pain go away,” says Schwartz. “And if you don’t take advantage of these tax incentives, it could potentially mean leaving hundreds or even thousands of your hard-earned dollars in the government’s pocket.”
Valuable Tax Credits
Whether you use an accountant, a tax filing service, or fill out the return on your own, be sure to consider some of these valuable tax credits and deductions that will help you laugh your way to the bank this month.
Child Care Expenses – Claimed by the lower earning parent, this deduction allows parents to claim 35 percent of their nanny or day-care expenses (up to a maximum of $3,000 per child) by deducting this amount from their taxable income.
Moving Expenses – If you moved at least 40 km to be closer to a new job, run a business, or go to school, the federal government may allow you to deduct your moving expenses from your taxable income. These expenses can include transportation, storage costs, real estate commission, legal fees and any costs related to changing your address.
These are just a few of the credits and deductions available to Canadian taxpayers this year. And while an accountant or other financial expert is best suited to help you get the most from your tax return, Consolidated Credit wants to remind Canadians that your refund is nothing more than an interest-free loan you were forced to make to the government all year long.
“A fool and his money are quickly parted, and leaving your hard-earned income in the government’s coffers should be no laughing matter,” said Schwartz.
Still Need Help with Debt?
Need assistance managing your debt during tax time? Take a look at our debt management calculator and savings estimator or call (844) 336-1306 today.