Charlie’s 5 Tax Season Tips

Tax Season is here! And while this time of year can be stressful for most of us, Charlie has some tips to help reduce your stress this year.

1. Balances are due by April 30th! While sole proprietor tax fillings aren’t due until June 15th, the CRA still calculates interest on your amount owing, starting May 1st. Get your taxes done early to avoid paying any extra fees!

2. The early bird gets the worm! The sooner you gather your information, the sooner we can get started on your taxes. Preparing your return properly takes time, so please have your documents submitted by April 15th to ensure a timely filing and avoid late penalties!

3. Make a list Have a list of everything you need for your taxes and use it to ensure you don’t miss anything. Not sure what you need? Just reach out to us and we can send you a tax checklist to get you started!

4. Save time and money $ Submitting organized documents means we spend less time organizing and more time preparing, analyzing, and filing. Self-employed and not sure where to start? Let us know and we can send you an Excel template to help!

5. Start next year’s taxes now! Is the thought of doing your taxes overwhelming? Perhaps you avoid it until the last minute? Save yourself some agony next year, by starting now! Pick a method that will work best for you to store receipts (electronic vs hard copy) and keep them organized in ONE location. If you own rental properties or have a home office, use our Excel template to keep track of your expenses throughout the year.

If you have any questions or concerns, or would like any of the resources mentioned above, please contact your Account Specialist at 1-877-300-4131 or help@gnarlybooks.ca.

"An ounce of prevention is worth a pound of cure." ― Benjamin Franklin