Tax season is coming? In this video, Dominique Lépine, financial advisor, offers you her sound advice on how to efficiently complete your tax return and avoid missing crucial deductions .
First, it is important to choose the right person to prepare your tax return . Indeed, many deductions are not always clearly explained and can therefore be easily overlooked if you do not take the time to examine them carefully. Thus, Real estate transactions such as selling or buying a property can have significant tax implications , even if they are not accompanied by tax slips. Similarly, moving expenses related to a change of workplace may be tax deductible .
Additionally, it's important to make sure you don't forget about credits available for medical expenses, child care costs, political contributions and tuition fees . Even small expenses can add up to reduce your overall tax bill.
In addition, an interesting new feature to consider is the education savings plan, which offers considerable advantages to young people from low-income families , who can retroactively benefit from the Canada Learning Bond if they open an education savings account and meet certain conditions.
In summary, taking the time to properly prepare your tax returns with a qualified person can save you a lot of money, thanks to deductions that we don't always think about and that can bring in a lot of money ! For more advice on preparing your tax return, take a few moments to watch this video!
Would you like to have the chance to consult all the content published in the Magazine each month in preview, and to have access to our Toolbox including among other things free downloads as practical as they are fun? Subscribe to Belles Combines Magazine now!