| By :
Molly Wider
With the April 30 tax deadline mere days away, it is time to file if you have not already done so. Filing in a hurry often leads to sloppy paperwork and unclaimed receipts that could earn you a refund. With the deadline so close, most people won't take the time to go in search of those medical receipts or the ones for their kids' lessons. They will simply just file what they have handy. With so many credit and tax deductions available, it can be difficult to know what to claim and unfortunately, it is up to us to figure it out as the Canada Revenue Agency is not going to point them out for us. In order to take advantage of what Canadians are able to claim, here is a list of suggestions that should help with filing and earn you back some cash. If you find old receipts or expenses from things such as medical bills, you can complete a T-1 adjustment form and include the slip on your previous returns. These expenses cannot just be added to the following years tax returns. You can go back up to ten years to correct errors, but these adjustments have to be filed on paper and can take a month or two to get processed. Charitable donation receipts can be combined for up to five years. If you feel that you have overpaid into your CPP and Employment Insurance during this last tax year then you will need to include Forms 2204 (CPP) and Form PD24 (EI) in order to make this claim and get the credit. If you are using tax software, it will do this automatically. If you are a business owner, you can split your income with family members as long as that family member works for the company. To claim this eligible pension, Form 1032 must be completed and submitted with your tax return. If you are collecting CPP payments, you can split this income as well under certain circumstances, but you will have to apply to Service Canada for detailed information. The Canada Revenue Agency will correct any mistakes they find on your return, however, they won't necessarily point out any credits or deductions you miss so it's important to make certain you take advantage of all the claims you're allowed. It pays to start preparing your tax return early to give yourself enough time to find the receipts you need to get the most back from your return. Even though you may receive a refund, you still need to keep receipts in the event you are asked to provide documents. If you do not get a refund this year and are in need of some extra cash to make your tax payment, a private bad credit loan may be helpful. Some lenders provide no obligation, on-line applications 24-hours a day.
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