With 2020 tax deadlines approaching on April 30, here are some tips for filing taxes this year.
Arleen Hibbert, an accountant, recommends when sitting down to start taxes, to know all expenses and what benefits people qualify for.
“They’re going to want to have all their T4s or any of their taxes slips they’ll want. If they have any savings accounts that earn interest, they’ll want that. They’ll want anything that has a receipt that has to do with their banking, the government, or any of their job stuff. That’s the biggest thing right there,” said Hibbert.
As well as T4s, Hibbert recommends having all other expenses or deductions ready.
“If they have kids, charitable donations, medical expenses or if they’ve moved, RRSP’s, union dues, childcare expenses, transit pass expenses, tuition fees, any expenses for tutoring, or anything over and above,” said Hibbert.
This year, there will also be a section for any COVID-19 payments students may have received.
“You’ll have a receipt from the government for any COVID payments you received. That will be something new this year that isn’t normal,” said Hibbert.
For students looking for a tax program to do their taxes this year, Hibbert recommends UFile.
“I think right now the simplest program is UFile. So they sit down, and if they want the simplified way, they can use UFile, and I think the first time you use it’s free,” said Hibbert.
For students new to doing their taxes, Hibbert recommends having everything organized and easily accessible.
“Make sure you have everything in front of you so you’re not searching. And always throughout the year, keep receipts. If it says, ‘tax-deductible receipt,’ keep it. Make it a habit to keep them and in one area. I would recommend an envelope to keep everything in,” said Hibbert.
UFile is free for students so long as they have tuition payments and have attended school for at least one month during the tax year they are filing for.
