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Filling out your tax return can be complicated, not to mention organizing your receipts, tax slips (T4), and other financial documents. Taxes require thorough attention and time to make sure you don’t make mistakes and encounter any issues in the future.
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Failing to file your tax return or making a mistake could raise red flags. If you’re worried about filing your taxes this year, learn what common mistakes you should avoid and how to avoid them.
It is a must to report all streams of income on your tax return. This means you also need to include other part-time jobs or side hustles such as Driving a Carpool/Uber, Tutoring Jobs, Freelancing Work, selling pre-loved items.
Also, if you have received government aid such as EI, CERB/CRB, or any other financial assistance to help you recover from income loss due to the pandemic, you will need to include the benefits in your annual income report.
Start preparing your paperwork as soon as possible. Never wait for the deadline to be close before you start collecting all your documents. You need to gather your income slips, tuition slips, personal receipts, and more.
Canada Revenue Agency is encouraging all Canadians to file their income tax return online. Therefore, you should have digital copies of all your documents.
Also, keep copies of the paperwork even after sending it online. You may need it again if CRA asks for any supporting documents in the future.
Before you do your filing, make sure to do your research. This will help you know the important updates about any changes in this year’s income tax filing.
You may look up potential deductions, credits, and expenses you can claim.
You are not required to complete this process on your own. If you need help and are worried about making mistakes when filing your tax return, you may seek professional help or assistance from Tax Clinics near you.
If you are willing to spend some money, you may ask for a Certified Public Accountant or Tax preparer to help you file. However, if the budget is tight, there are free tax clinics that can provide you assistance.
Missing the filing deadlines can cost you penalties. The penalty for late filing is 5% of the balance you owe from 2020. After that, they add 1% of the balance for every month that you miss. This can pile up to 12 months, so beware of missing the deadlines.
The filing deadline for 2020 is April 30th, 2021. The deadline for self-employed is June 15th, 2021 if you miss this deadline, file as soon as you can, even if you can’t afford the payment.
If you are living on a tight budget, consider planning to save. Plan your monthly spending and allocate a certain percentage towards savings.
If you are experiencing financial difficulty, contact CRA and plead for tax relief options. They may cancel/waive penalties or interest depending on the severity of your situation.
A debt consolidation program is a legally binding agreement between you and your creditors (including CRA), allowing you to pay a smaller portion of what you owe in five years or less.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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