It’s “that time” again…time to start planning your tax season strategy for 2019. This year, the Canada Revenue Agency starts accepting returns on Tuesday, February 26th, and the last day to submit is Tuesday, April 30th. The good news is that if you start today, you’ve got more than two months to get your paperwork in order. If you don’t already have a system for gathering your paperwork, our cleaning service experts at Maid In the City Cleaning Services have a three-step cleaning tip system for you.
There are so many write-offs that you can potentially benefit from, but you can’t benefit from them if you don’t have the paperwork. Think like a superhero and embark on a receipt rescue mission to find every single receipt you can. This will entail locating where you put your receipts, printing them off if you file electronically, or contacting the institution, individual, charity or business that can re-issue a copy of the receipt. Receipts to consider include child care, tuition, union or professional dues and medical/dental expenses that are not covered by your health benefit plan. If you’re missing receipts for prescription drugs, pharmacists can provide itemized statements.
Tracking down your missing paper trail is stressful, frustrating and time consuming, and at some point or another, you’ll feel like giving up. Perhaps you need to adopt a greedy mindset, because for every receipt you don’t find your income tax bill goes up. According to a survey by TurboTax, only seven percent of Canadians take advantage of child care related tax credits and deductions. Depending on the age of the children, that translates into a loss of upwards of $5,000!
If you’re organized, the tax preparation process is easy to handle and you will ultimately pay lower taxes. If you’re still stuffing receipts into your car’s glove compartment, in the junk drawer, in your briefcase and on your nightstand, you end up wasting a lot of time looking for all your paperwork. Plus, you’re likely losing valuable receipts. It’s time you got richer in time and money. The easiest way to overcome tax time fatigue is to keep all your papers in one place.
You don’t need to buy an expensive filing system. Just head to your local dollar store and walk around the office supply and storage box aisles. There are dozens of items you can use to collect your receipts including file folders, extra-large manila clasp envelopes, sheet protectors, pocket organizers, document holders, zippered or velcroed folders, extra-large Ziploc bags or boxes with snap on lids. Even a banker’s box will do!
Now that you have a head start on your taxes this year, it is time to start thinking about the rest of your home. Reach out to your local Maid In The City Cleaning Services location and see how our cleaning company can help transform your home!