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The Tax Blog for Smart Canadians

Tips and tricks for Canadian tax filers at every stage of life from UFile's tax expert Gerry Vittoratos



Last Minute tips and tricks

by Gerry Vittoratos | Apr 29, 2016   Comments:

The end of tax season is upon us! For those of you who have still not filled your tax returns, here are some last-minute tips to properly complete you tax return.

First thing is to do is to get organized! Get all your tax documents, such as your slips, receipts, and your previous year’s Notice of Assessment in one folder for quick reference when you are completing your tax return. If you can’t find your Notice of Assessment, you can obtain a copy of it by logging into the My Account portal of the CRA and RQ.  Once you have completed your tax return, make sure to properly archive your documents, for example by scanning your slips/receipts.

Producing your tax return with your spouse is the best way to optimize you and your spouse’s tax returns. There are certain amounts that are transferrable between you; by completing both returns together, you allow UFile to optimize those transfers automatically between you.

Compare your current year’s tax return with the previous year in order to make sure that you have not missed any claims or amounts to include. You should also verify your Notice of Assessment, or login to your My Account portal, to see if you have any unclaimed amounts that have been carried forward, such as tuition and capital losses.

You should double-check the claims you have made on your tax return with the General Guide. The guide gives you line-by-line explanations of the tax return itself, and tells you the new credits that can be claimed in the current year. You want to make sure that the amounts you are trying to claim can be claimed; the general guide will indicate this to you.

There you have it! We hope this tax season has been a fruitful one (with a huge refund calculated for you by UFile!). See you next tax season!

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