Getting Ready for Tax Season

Written By Haley Mitchell

Looking to prepare your business for tax filing? Check out the resources on the Canada Revenue Agency website or view my overview of the information below:

Getting organized for tax season

First, ensure you are up to date on any changes and COVID benefits available on the government website. You can check out this list by clicking here.

  • Sign up for direct deposit if you haven’t already. You can do that here.

  • The easiest way to stay organized is by keeping things sorted throughout the year rather than trying to find everything at year-end. Create a filing system with an accordion folder or store your tax documents online in the cloud.

  • Make sure you keep past returns on file with supporting documents for 7 years.

  • File T-slips and other tax documents as soon as you receive them so they’re in one place come tax time. Keep track of:

    • income from all sources

    • receipts that may be deductible

    • personal expenses such as medical expenses and mortgage statements (ask about the First Time Home Buyer’s tax credit if you’ve purchased your first home in the past year)

    • student loan documents

    • investments

    • motor vehicle logs or other items you may need

  • Check-in on CRA’s ‘My Account’ to make sure your previous tax filings are in order.

Once tax time rolls around, book your appointment with your Tax Filing Professional to make sure you get the most out of your return while staying compliant with the government requirements.

Haley Mitchell
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Income Tax Filing Deadlines