Blue Pearl Mortgage Blog

This tax season, it’s all about the ladies

April 04, 2019| Posted by: Blue Pearl Mortgage Group

Are your receipt boxes overflowing? Where are all those insurance, daycare, medical and other statements? Tax season can be daunting, but we’ve got some handy tips to help you process a solid tax return!

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If you are the average Canadian, tax time can be a daunting, stressful time of year. Women, many of whom have childcare and other expenses often have a more difficult time ensuring that they maximize all of their deductions. Who the heck has time for all those numbers and all that paperwork?

Take a deep breath and relax since we’ve got some simple ways to help you achieve tax success! We’ve also included a handy checklist and links to topics on the Government of Canada website.

Do you fall into one of these categories?

  • Single parent or the primary parent in a relationship: use your babysitting and/or daycare receipts and ALWAYS file for the Child Tax Benefit. Top up your Registered Education Savings Plan (RESP) so that you can get the government 20% top up (maximum 2,500 yearly) Reminder: if you are divorced, your alimony payments are not tax deductible.
  • Caregiver: As the population ages, many women are becoming the main caregiver for an elderly parent (and the kids – talk about stress!). Do you know about the Caregiver Credit for those you list as dependents? Time to apply for that if you are not claiming it now. Claim medical expenses, and perhaps look into applying for the Disability Tax Credit depending on the length of the illness.
  • Widowed: It’s a proven fact that women often live longer than men, so the need to have income to support a longer life span is very important. Your RRSP should be converted to an Registered Retirement Income Fund (RRIF) to provide monthly income upon retirement. Canada Pension and the Guaranteed Income Supplement which many senior women either don’t know about or don’t apply for should be included on your return.

Filing your taxes

So now that you have your receipts and tax slips, it’s time to file your taxes! If you are filing yourself, we encourage you to go digital. There are several secure online providers such as Turbo Tax, H&R Block and more that will walk you through your return and remind you of deductions you may have missed. You can try different scenarios too and most will allow you to submit electronically directly to the government once you are finished! If your return is complex, we recommend you seek out a good tax accountant to make sure your return is filled out correctly. This could save you many headaches in the future!

We are here to help!

Download our simple tax deduction checklist  to ensure you get every tax credit and deduction you’re entitled to so that you don’t need to stress so much this tax season!

If you need help finding a good accountant, give us a call – we’ve got lots of those. We are your partner in your financial life so don’t hesitate to contact us for any queries, big or small especially as it relates to your home and building your future wealth. Time to get filing! 

 

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