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Tax Season is Upon Us

Winter is ending and spring is just right around the corner. Flowers will begin to bloom and soon our taxes will be due. But we’re here to help you prepare for the April 30 deadline.

Here are some reminders

Do you have your T4 or T4A?

If you haven’t received your T4, check to make sure your employer has your correct mailing address on file or if you signed up for paperless communications. If it still hasn’t shown up, contact your HR department.

If you are a retiree, you can find your T4A in the mail or on WorkforceNow if you registered and signed up for paperless communications. Learn more if you are already retired.

Pensionable contributions are tax deductible

Did you know you can deduct your pension contributions made to the Plan on your 2021 income tax return? Learn more about registered pension plan deductions on the CRA website.

Home office expenses for employees

If you have worked more than 50% of the time from home for at least four consecutive weeks in 2021 due to the pandemic, you can claim a deduction on your income tax return. Learn more about this claim through the CRA.

Donations and tax credits

If you report charitable donations made in 2021 or unclaimed donations from the past five years, it can be used to reduce your taxable income Your tax savings will equal the amount of tax credit calculated. Learn more about calculating your charitable tax credits.

Do it yourself or outsource

Depending on the difficulty of your taxes, you may decide to do it yourself or hire a professional. If you have the time, consider using certified tax software to ease the workload. If you don’t have the time, and have available funds, consider hiring a professional.

The tips provided should help you prepare your important documents to take on the tax season. Now you can sit back and enjoy the spring weather.

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