It’s all a matter of Perspective…
Whether you exclaim: “Ugghhh, it’s “T-Season,” or look forward to it with glee, is all a matter of perspective. Here at Amintro – the free, friend-making site – while we’re not big fans of “T-Season” we do know it’s a necessary evil, the price we pay for living in a civilized society. What are we talking about? Tax season. It’s that time of year when everyone starts talking about taxes, the ads start popping up all over our social media and on TV and banks and financial planners start knocking on your door and/or calling you on the phone. All this flurry of financial activity might have you longing for a different kind of “T-Season” – enjoying a cup of tea with a friend!
Tax Season Tips
We won’t pretend to offer financial advice here but there are a few common issues that affect us all so today, we thought we’d share a few “typical tax tips” that everyone should know.
Use February to collect all your paperwork. It’s stormy and snowy, what else are you going to do? Typical forms include:
- T4 Employment income
- T4A Statement of Pension, Retirement, Annuity and other Income
- T5 Statement of Investment Income
- T4E if you received Employment Insurance
- T5007 if you received Workers Compensation or Social Assistance
- Receipts – you won’t be asked to mail these in but you must have receipts for any expenses you are claiming, particularly medical equipment, supplies, prescriptions etc.
Use February to Investigate. It’s stormy and snowy, what else are you going to do? Ask questions like:
- Do you qualify for medical expense tax credits?
- Do you qualify for a disability tax credit? Aging gracefully is one thing but if you’re not, you might want to learn more about RDSP’s (Registered Disability Savings Plans.) You only have until the end of the year in which you turn 59 to contribute to one so if you think this might apply to you – start now.
What are the deadlines?
- Employers, Financial Institutions etc. all must have your forms and paperwork (ie: T4’s) sent to you no later than February 28th, 2019.
- March 1st, 2019 is the deadline for making RRSP contributions. *Remember, you have until December 31st of the year you turn 71 to make RRSP contributions.
- Already 71 or more? Learn more about RRIF’s either through your personal financial advisor or check out canada.ca/en/revenue-agency for more information.
- You can file your 2018 taxes anytime now. You do not have to wait until April 30th, 2019.
- The deadline for filing your taxes is April 30th, 2019 unless you are self-employed in which case you have until June 15th, 2019.
- April 30th, 2019 is also the deadline for paying any tax amount you might owe to the government.
Tea Season Tips
If all of the above information was just too much to digest all at once – perhaps “T-Season” for you means a good, strong “cuppa.” Brew yourself and a friend a lovely cup of strong tea and perhaps lay out a plate of lovely chocolate biscuits. (Those would be cookies for readers not of British descent!) If you’re looking for a great way to meet new friends to share not only your cup of tea, but perhaps also your tax woes, Amintro can help. We offer a free, fast and confidential way to make new friends for those who are 50+.
JOIN TODAY to start making friends the Amintro way!
Written by Sheralyn Roman