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2014 Tax Tips (Posted On: Wednesday, February 19, 2014)

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It's that time of year again - time to start gathering up your information for filing your personal tax returns.  Here are some tips to consider:

If you had higher-than-usual earnings in 2013, consider making an RRSP contribution prior to March 3, 2014.  A contribution made now can still be used as a deduction from your 2013 taxable income.

Make sure you file on time.  The 2013 filing deadline is April 30th, 2014 unless you or your spouse is self-employed, which extends your deadline to June 16th, 2014.  If you have a tax owing, late-filing will result in a 5% penalty on the balance you owe.

Ensure you are taking advantage of all the personal tax credits you are entitled to.  Talk to a tax professional to explore the numerous federal and provincial tax credits you many qualify for such as credits for disability, tuition, children's fitness or arts, first-time home buyer, family caregiver amount, medical expenses, among others.

If you stumble upon a missed income slip after you filed your tax return, file an adjustment to report this missed income as soon as you find it.  Failure to report income could be subject to significant penalties.

Do you own property outside of Canada with a total cost amount of more than $100,000?  If so, make sure you file form T1135, "Foreign Income Verification Statement".  Such foreign property would include foreign bank accounts, shares in foreign companies, real estate situated outside of Canada.  The penalties for failure to file this form, if applicable to you, can be quite punitive.

Julie Ford is the principal of Julie A. Ford Professional Corporation with over 18 years' experience in partnering with clients to meet their accounting and tax filing needs. 

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