Things you should know while preparing for the Tax Season

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Filing for taxes in time is a duty of every responsible citizen in the country. If you’re confused about the whole process of filing for taxes and find it complicated, be assured that it’s a very simple procedure if you educate yourself with proper information. Filing for taxed is a very important prospect of your financial life and doing it the right way will eventually ease up your life. While preparing for the tax season, you must follow a few tips in order to make it all more easy.
4 things you should do when preparing for the Tax Season:
Some useful tips here and there will always help you make the process easier, whether it’s filing for taxes or any other thing. So, here are the 4 important things you should consider doing before the Tax Season:
• Sign up for a CRA Account: If you really want to make the process of tax filing easier, a CRA account is the way to go. The best feature of a CRA account is, that it allows you access your previous tax filing information, which usually is needed for this year’s tax filing as well. Furthermore, T4s can also be accessed through your CRA account.
• Configure automatic deposits: Now you don’t have to wait for days or weeks to get your tax refunds, as you can simply set automatic deposits in your CRA account and get your tax refunds instantly after your taxes being assessed and processed.
• Monitor your student loan interest: Do you know that your student loan interest is eligible for a tax credit claim? Well, you can do that, which is why you should be keeping track of your student loan interest.
• Accumulate employment expense receipts: If you don’t know that writing off employment expenses is also for the employees, you’re missing out. Any expense related to your employment whether it’s a lunch with clients, gas for your company car, or any other related expense can be claimed as long as it’s in your employment contract.

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