Preparing your income tax return is a tedious task and it’s not a task that you should take lightly. Accuracy and correct details are essential for the CRA to accept what you file to them.
There are some deductions and credits which are made available by the government to help you lower your tax burden and save money. All you have to do is ensure that you gather the necessary documents so that you’ll get all the deductions and credits possibly available to you.
Here are the documents you’ll need:
- Adoption costs, such as the legal, medical, transportation costs and the SSN of the child
- Advance Child Tax Credit payment
- Child care costs, such as provider’s name, address, tax id, etc.
- Casualty and theft losses documents , like the insurance reimbursements
- Charitable donations – cash amounts and value of donated property, miles driven, and out-of-pocket expenses
- Dental and medical expenses
- Education costs, such as the education expense documentations
- Investment interest expense
- Other miscellaneous tax deductions, like employee expenses, union dues, etc.
- Paid home mortgage interest and points
If you are looking for bookkeeping or accounting services in Ottawa then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.