Tax Time Crib Notes

Listen to this Podcast


Tax Time Crib Notes

The deadline for filing your 2019 personal tax return is just around the corner. Typically, the deadline to file is April 30. Due to COVID-19 the filing due date for individuals has been deferred until June 1, 2020. Learn more here.

If you file your own taxes or are confused and don’t know where to start, here’s a quick primer to help you file your personal tax return.

  • Submit your return on time. If you owe taxes, you’ll pay a late-filing penalty of 5% of the tax owing plus 1% for each month you’re overdue, up to 12 months. You’ll also pay interest on the amount owing, plus on the late-filing penalty, starting May 1. Interest is compounded annually. If you miss more than one year, you’ll pay even more.
  • T4 and T5 slips are supposed to be mailed by February 28. Collect all your slips before you start and keep everything in one place. (This will also prepare you in case the Canada Revenue Agency asks you to provide any slips or receipts.) Follow up with financial institutions and other issuers if you believe something is missing.
  • If you’re married or living common-law, consult with each other before you file. If you’re working, for example, make sure that the one with the higher income claims certain credits — and make sure you don’t both claim the same thing. If you’re retired and there’s a large difference in income, you could jointly elect to split pension income.
  • Check last year’s Notice of Assessment for important information such as RRSP contribution limits and repayments to the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP).
  • Gather charitable receipts. You’ll receive a federal tax credit of 15% on the first $200 of donations, and 29% of the remainder. (There’s also a smaller provincial credit.) Consider pooling receipts with a spouse (letting the higher income-earner claim), or carry forward up to five years, if that gets you a higher tax credit. If you’re a first-time donor you may be able to get an additional 25% on the first $1,000 of donations.
  • Collect all medical expenses for yourself, your spouse or common-law partner and minor children. You’ll get a tax credit for amounts over 3% of your net income or $2,397, whichever is less. You can make the claim for any 12-month period that ends in the 2019 tax year. (If you’re also claiming for a dependent, you need to use the same 12-month period.) Check which expenses you can claim before you submit.
  • Claim RRSP contributions. Deposits made in January or February of this year can be claimed now or carried forward to next year. Check last year’s Notice of Assessment to confirm how much you can claim without penalty.
  • Be sure to claim all that you are eligible for if you are a full-time student or graduate of a recognized post-secondary institution, if you paid union dues or certain professional membership fees, if you bought a home last year, if you care for an elderly parent or a family member with a disability.
    • Check your return, tax-filing software or the CRA website for complete lists of what is claimable and what is not.
    • If using tax filing software, be sure to check over all fields before filing, including auto-filled fields, to ensure all information is correct and up to date.

If you have any questions or your tax situation is more complex than most, don’t hesitate to reach out, especially at a time like this. At Carte Financial Group we have a team of tax experts to help with complex situations.

2,772 thoughts on “Tax Time Crib Notes

  1. cbd store near me says:

    I am the proprietor of JustCBD brand (justcbdstore.com) and I’m presently trying to develop my wholesale side of company. I really hope that anybody at targetdomain is able to provide some guidance . I considered that the most effective way to do this would be to talk to vape companies and cbd retail stores. I was hoping if anyone could suggest a trustworthy web site where I can buy CBD Shops B2B Database I am already considering creativebeartech.com, theeliquidboutique.co.uk and wowitloveithaveit.com. Unsure which one would be the best solution and would appreciate any advice on this. Or would it be easier for me to scrape my own leads? Ideas?

  2. Umut Alpaslan says:

    Hi there! I could have sworn I’ve visited this website before but after going through some of the posts I realized it’s new to me. Anyhow, I’m certainly happy I came across it and I’ll be bookmarking it and checking back often!

  3. Tribe Of Dads says:

    I’m pretty pleased to discover this website. I want to to thank you for ones time for this fantastic read!! I definitely enjoyed every little bit of it and i also have you book-marked to check out new stuff in your web site.

  4. Server Pro North says:

    Hi, I do think this is a great blog. I stumbledupon it 😉 I’m going to return once again since i have book marked it. Money and freedom is the greatest way to change, may you be rich and continue to help other people.

  5. E Backers says:

    After checking out a number of the blog articles on your web page, I honestly like your technique of blogging. I saved it to my bookmark website list and will be checking back in the near future. Please check out my web site as well and tell me your opinion.

  6. Aid Pharmacy says:

    I’m impressed, I have to admit. Rarely do I come across a blog that’s equally educative and amusing, and let me tell you, you have hit the nail on the head. The problem is something that not enough men and women are speaking intelligently about. I am very happy that I found this in my hunt for something concerning this.

  7. Foot Ball says:

    Oh my goodness! Awesome article dude! Thank you, However I am going through issues with your RSS. I don’t understand the reason why I can’t join it. Is there anyone else getting the same RSS problems? Anyone who knows the answer will you kindly respond? Thanks!!

  8. Scam Reviews says:

    Right here is the perfect site for anyone who wants to understand this topic. You realize a whole lot its almost hard to argue with you (not that I personally would want to…HaHa). You certainly put a new spin on a topic that has been discussed for many years. Great stuff, just excellent!

  9. Doris Specht says:

    Great weblog right here! Additionally your web site quite
    a bit up very fast! What web host are you the use of?

    Can I am getting your affiliate link in your host?
    I desire my website loaded up as quickly as yours lol

  10. 1st Counsel says:

    Spot on with this write-up, I seriously believe this website needs a great deal more attention. I’ll probably be back again to read through more, thanks for the advice!

  11. Love Vibes says:

    Hello there! This post could not be written any better! Reading through this post reminds me of my previous roommate! He always kept preaching about this. I will forward this article to him. Pretty sure he’ll have a very good read. I appreciate you for sharing!

  12. Scams Reviews says:

    After looking at a number of the blog posts on your site, I truly appreciate your technique of blogging. I saved as a favorite it to my bookmark webpage list and will be checking back soon. Please visit my website as well and tell me how you feel.

  13. Short Sales Experts says:

    Hi there! I could have sworn I’ve been to this website before but after going through a few of the articles I realized it’s new to me. Regardless, I’m definitely delighted I found it and I’ll be bookmarking it and checking back regularly!

  14. Keder Band says:

    Having read this I believed it was really enlightening. I appreciate you spending some time and effort to put this informative article together. I once again find myself personally spending a significant amount of time both reading and posting comments. But so what, it was still worthwhile!

  15. Roller Up says:

    I must thank you for the efforts you’ve put in writing this blog. I really hope to view the same high-grade content from you later on as well. In truth, your creative writing abilities has encouraged me to get my own blog now 😉

  16. Filtra says:

    Good web site you’ve got here.. It’s hard to find quality writing like yours these days. I seriously appreciate individuals like you! Take care!!

  17. Food submit content says:

    This is the perfect web site for anyone who really wants to find out about this topic. You know a whole lot its almost tough to argue with you (not that I actually would want to…HaHa). You certainly put a new spin on a subject that’s been discussed for years. Excellent stuff, just great!

  18. jonathan manzi says:

    Having read this I thought it was really informative. I appreciate you finding the time and effort to put this information together. I once again find myself spending way too much time both reading and commenting. But so what, it was still worth it!

  19. Simple Skin Wc says:

    May I simply just say what a relief to find an individual who really knows what they’re discussing on the web. You actually know how to bring an issue to light and make it important. More and more people really need to check this out and understand this side of the story. I was surprised you are not more popular given that you most certainly have the gift.

  20. Ardor says:

    Spot on with this write-up, I actually think this site needs much more attention. I’ll probably be returning to see more, thanks for the advice!

  21. Drivermax pro says:

    Aw, this was a really nice post. Finding the time and actual effort to produce a superb article… but what can I say… I put things off a whole lot and never seem to get anything done.

  22. RV Travel Central says:

    Oh my goodness! Incredible article dude! Many thanks, However I am going through troubles with your RSS. I don’t understand why I am unable to subscribe to it. Is there anybody getting the same RSS problems? Anybody who knows the answer will you kindly respond? Thanx!!

  23. Grids For Instagram Crack says:

    You are so cool! I do not believe I’ve read a single thing like that before. So nice to find someone with a few unique thoughts on this subject matter. Seriously.. thanks for starting this up. This web site is something that is required on the internet, someone with some originality!

  24. Estate House USA says:

    Aw, this was a very nice post. Finding the time and actual effort to generate a good article… but what can I say… I put things off a whole lot and don’t seem to get nearly anything done.

  25. Anthony Draper says:

    Hey there! I’ve been following your website for some time now and finally got the courage to go ahead and give you a shout out from Lubbock Texas!
    Just wanted to mention keep up the excellent work!

  26. Vernon Hills says:

    Warning: Vernon Hills, IL and Libertyville, IL and surrounding 50 miles radius area is in active war zone ! Towns are held hostage by UK agents, Russian spies, Indian spies, Mexican spies, Chinese spies, and other Hispanic spies

  27. kbc head office number says:

    Woah! I’m really digging the template/theme of this blog. It’s simple, yet effective. A lot of times it’s very hard to get that “perfect balance” between usability and visual appeal. I must say that you’ve done a excellent job with this. Additionally, the blog loads super quick for me on Internet explorer. Exceptional Blog!|

  28. fiverr review says:

    I absolutely love your site.. Great colors & theme. Did you build this website yourself? Please reply back as I’m trying to create my own website and would like to learn where you got this from or exactly what the theme is called. Thank you!|

  29. Raymondeewga says:

    Howdy! This blog post could not be written much better! Reading through this article reminds me of my previous roommate! He continually kept preaching about this. I most certainly will send this article to him. Pretty sure he will have a good read. Thanks for sharing!

  30. Minazdcr says:

    It is the best time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I want to suggest you few interesting things or tips. Maybe you can write next articles referring to this article. I want to read more things about it!