Filing Taxes in Canada? Here’s What’s New for 2018

When you’re filing taxes in Canada, it’s vital that you know the information that is most pertinent.

By learning about potential writings, filing deadlines, and other matters, you’ll avoid mistakes and get the return that you need. As a Canadian citizen, it’s your obligation to stay up to date with such information.

Follow these steps so that you can handle your taxes effectively.

1. Be Mindful of New Deadlines and Processing Times

As each year goes by, there are sometimes filing deadline changes

In 2018, tax filers must handle their return by April 30 in order to avoid fines and late penalties. You must also pay your taxes by this date.

Self-employed professionals can file by June 15 without penalty.

People who want to have their taxes processed early will also be glad to know that returns can be processed as early as Feb. 26. Not only does this take care of your tax obligations, but you’ll also be able to get a refund quicker when you file by this date.

Hiring an accounting services firm is the best way to stay up to date with filing deadlines and other important information.

2. Consider Fertility Cost Deductions

In 2018, the cost of fertility treatments is also deductible.

This is important to know if you are trying to start a family this year. Whether you’re undergoing hormone therapy or in vitro fertilization, keep records of these medical appointments so that you can get the deduction that you deserve.

3. Education Credits Got Cut

Students in 2018 can no longer write off educational expenses.

These deductions used to cover things like the cost of textbooks and other course materials. This write-off was taken away in 2017, so you’ll need to look into other write-offs.

For instance, you can still deduct the cost of your tuition and room and board.

4. You Can Write Off the Cost of Public Transportation

No car? No problem.

If you’re getting around on the bus or subway system, you can write your expenses off on your taxes. This is particularly helpful for people that subscribe to a transit pass to commute to work regularly.

5. Know the Status of Child Credits

Parents can no longer write off some of their children’s activity expenses — such as for enrollment in programs related to the arts or athletics.

Prior to 2018, parents were able to keep tabs of these expenses and write them off. If your child is active in clubs and hobbies, you’ll need to look elsewhere for deductions in 2018.

Consider These Points When Filing Taxes in Canada

As you prepare for filing taxes in Canada, these tips will be worthwhile.

This is an obligation that everyone has to fulfill, so the more you know about tax information, the more prepared you’ll be. Having new information about deadlines, write-offs, and other information will help you as you look to handle your return.

As always, don’t forget to enlist the help of an accountant or tax professional to help you out with your return.

If you need tax and accounting help, get in touch with us today.