TAX TIPS
What you might be missing at tax time
BY TRINA REHBERG BOYKO
F iling taxes might not top your list of favourite activities, but talking to a tax professional can help you gear up for tax time—especially when you learn the credits available to you. According to Marc Berard, owner of Payless Income Tax Accounting Inc., the credits are what people should focus on. “Anybody can enter a number on a computer, but the credits are key,” he says. Credits are, essentially, money you can subtract from the income tax you owe. So, if you have kids in sports, or you have a disability, or you donate to a charitable cause—there are likely credits you can claim.
While anyone can download a tax program and attempt to enter numbers themselves, it’s easier to maximize your claims and minimize your taxes if you work with a tax professional who knows what they’re doing. Berard, for instance, files up to 15 to 20 tax returns each day during tax season. With his business around since 2000, that’s a lot of returns. He’s learned the ins and outs of filing and is up to date on the latest credits available. “It’s like changing your own oil,” Berard says. “You could do it, sure, and save money. But is it worth it? Probably not." For the price of getting your taxes done, which ranges from $80 to more than $300,
depending on whether it’s a simple return or a business return, you could see a lot of credits reflected. Berard recommends filing a tax return even if you don't have an income, as you may be eligible for funds you're unaware of. If you’re 19 or older and unemployed, you could receive $535 simply for filing. You’ll also be set up for Canada’s GST credit, which is a tax-free quarterly payment that offsets the GST you pay. When you have specific goals, tax credits can work in your favour, too. Let's say you want to give back to a cause that's near and dear to your heart—your donations can actually reduce your taxable income.
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Manitoba
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