Ask the Accounting Expert – Angie Ritchie, CPA, CMA

accounting expert

Tax season is around the corner and it’s time to start thinking about your taxes again! The following are some tips to help you to minimize your family tax burden:

  1. Be organized;

Keeping your receipts in a safe place will ensure you get all of the deductions and credits you are entitled to. A lost receipt for daycare, medical, children’s fitness etc. could cost you tax dollars.

  1. Contribute to RRSP’s;

Every dollar you invest could save you up to $40 in income tax. Additionally, interest earned while in the RRSP is tax-deferred.

  1. Know what you can claim;

Get a FREE tax checklist from Ledgers. You may be discarding receipts and other items that could save you on tax. Do you have employment expenses? Have you paid for Financial Planning advice?

  1. If you have a spouse, prepare your returns together;

Some credits and deductions can be transferred to the other person to best optimize the tax benefits.

  1. Ask your employer to provide you with Taxable Benefits instead of a salary increase;

There can be significant tax savings by having your employer contribute to your RRSP or pay for your daycare, transit passes etc.

  1. Operate a home-based business;

Make some of your living expenses tax deductible.

Have your Taxes prepared by a

Professional! Call us at 403-526-0118 today!