Tax time is coming: Why it pays to be prepared

Tax time is coming: Why it pays to be prepared

Do you look forward to tax time as an opportunity to get back some of your hard-earned dollars?

Or does the April 30 filing deadline send your bank account into the red?

The good news is that a little pre-planning can get you prepared well in advance of tax time – saving you money come spring. But if you do find yourself hit with an unexpected bill, know that solutions are available for that, too.

Prepare early to reap the most rewards

  1. What’s deductible? Depending on your individual situation, you may have expenses that can be claimed as a write-off or deductible against your earnings, such as professional fees, transportation costs or professional expenses. However, because not all expenses are deductible and tax law can be complicated, a visit to an accountant or tax specialist can be a valuable step. Make the appointment earlier (but after the craziness of tax time!) to capitalize on those deductions through the year.
  2. Don’t forget personal deductions. From disability credits to childcare or education deductions, a variety of personal tax savings are also available that can help reduce your bill come tax time. Check in with your tax professional to learn more about those opportunities or visit the Government of Canada online for more details.
  3. Start saving early. No, we’re not talking about stashing away money to pay your tax bill – though rainy-day savings are never a bad idea – but making regular contributions to your Registered Retirement Savings Plan, or RRSP. This not only makes saving more palatable, but you can deduct the amount invested over the course of the year from your taxable income. Even better, those ongoing regular contributions will also yield the benefits compound interest for even greater results!

Too late to plan ahead for this year?

If the chance to pre-plan has slipped by for this year, and you find yourself facing a big tax bill, solutions are available.

Start with a visit to MyCanadaPayday.com, Canada’s fully licensed, online payday loan specialists.

“With our online focus, we’re able to keep the loan process simple, while the state-of-the-art technology we employ ensures your personal information remains safe and secure,” says Sundeep Thind, manager of MyCanadaPayday’s Surrey office.

Simply complete the one-page online loan application and they’ll do the rest – getting you approved in as little as five minutes!

Meaning you can get back on track and finding tax savings for next year!

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My Canada Payday is a Canadian-owned and operated direct lender. To learn more, call 604-630-4783 or email getpaid@mycanadapayday.com.

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