2018 is Coming: Personal Tax Tips From KAFT | Lakeland Alberta Accountants

2018 is rapidly approaching. Before you know it the holidays will be upon us and the new year will have started. Next, it will be spring and then it will be time to file your 2017 taxes. Avoiding the stress that often comes with the reporting season is made easier when you implement personal tax tips from your trusted Lakeland Alberta Accountants.

Personal Tax Preparation Tips
It’s never too early to keep good financial records to help you receive tax credits, employment medical benefits, education deductions, and other deductions or credits. The following tips can help you successfully file your 2017 personal taxes in the upcoming year:

1. Maintain your business records. — If you own your own business, then be careful that you don’t accidentally shred important records. You are actually required to retain business financial records for six years or longer after the end of the year. For example, you will need to keep your 2017 records until at least 2023.
2. File a personal income return even if you don’t have taxable income for 2017. — In order to be eligible for the Federal GST / HST Credit and/or the Alberta Carbon Levy Rebate you need to file a personal income return. Additionally, if you qualify as a low-income senior, then you can re-apply for the Guaranteed Income Supplement.
3. Report earned foreign income. — All Canadian residents must report, in Canadian dollars, any monies that were earned from a foreign source. Make sure that you can prove the amount of earned foreign income via accounts payable receipts, bank transactions, or other official records.
4. Don’t waste your unused tax credits. — Did you know that if you are able to reduce your tax payables to zero without using all available credits, then you can transfer some to your spouse? That’s right, in select instances, your tax credits can be applied to both you and your spouse. You can also choose to apply your extra tax credits or deductions to a future year. Popular carry-forward tax credits or deductions include home office expenses, tuition, and charitable donations.
5. Make sure you file within the right bracket. — In 2015 Alberta created new tax brackets that would take effect in 2016 and 2017. If you are filing personal tax in Bonnyville or personal tax in Cold Lake, then you should make sure that you are filing within the right bracket. In fact, your trusted Lakeland Accountants can help you to correctly and successfully file your personal taxes.

Personal Tax Bonnyville And Personal Tax Cold Lake Experts Can Help
Preparing to file your personal taxes in Alberta can be a stressful task. Fortunately, the KAFT CPA team is here to help. Our team of Lakeland Alberta Accountants are standing by to answer your questions, file your taxes, and help you receive the maximum number of tax deductions and credits. For additional tax preparation tips or to learn more about the new 2017 tax rules and regulations, contact a KAFT CPA team member today.