For years, whenever anyone mentioned “income tax” or “Revenue Canada,” I would shudder. Come mid-April, full on panic would set in because A) none of my accounting was organized and B) I suck at forms and C) I found the CRA websites confusing and overwhelming.
I’m embarrassed to admit it, but throughout my twenties, I’d often rely on my dad for help, thus never really taking ownership of my responsibility. For nearly a decade, negative and overwhelming feelings surrounding tax season consistently hung over the month of April like a dark and stormy cloud, always putting a damper on those first few weeks of springtime. Friends, IT DOES NOT HAVE TO BE LIKE THIS! Taxes are just a thing you have to do, and the process can actually be empowering and rewarding.
Here are some steps you can take now to get things in order and not freak out:
1. Schedule Time
Block off 2-3 evenings in your calendar now, so that you know you make time to organize your paperwork.
2. Get Organized
Post-its, bulldog clips, file folders: drop by a Staples to get any supplies you might need that will make getting organized a somewhat fun process. (Not gonna lie, colour coding can make this process kinda fun.)
3. Tackle Your Files
If you’re a freelancer, and your paperwork is a mess, start sorting your files into the following,
– Bank Statements
– Credit Card Statements
– Receipts (Phone, transportation, research, meetings, office supplies, education, work travel etc.)
– Charitable donations
– Invoices
– Expenses (Did you hire anyone to help design your logo? Build your website?)
– Any T-forms from employment or investment revenue
4. Educate Yourself and Begin the Tax Filing Process
Sign up for H&R Block Online Tax Software (It’s TOTALLY FREE!) and start educating yourself & getting comfortable with the tax filing process
– If you plan to do your taxes yourself, this is the way to go. Here’s what to expect:
– Personalized step-by-step interview process that walks users through their tax return
– 24/7 customer support and tax advice free for all Canadians, no matter what your tax situation is. (Been a few years that you’ve filed? You’re not alone.)
– Work on your taxes anytime, anywhere. (On your phone! your tablet! Work on them while you ride the Go-train!)
– Maximum-refund guaranteed.
Go to hrblock.ca, download the software and get started!
If you get your taxes done before April, you’ll feel amazing. Oh, the bragging rights!
Get started while the weather is still crappy, so you can enjoy those leather-weather days in April stress-free.