When we meet with clients who come in looking to file their personal tax returns, the first thing we check with every individual is what items are applicable to their tax situation and that they have the documentation to be able to apply those items on the return. It’s important to realize that tax returns are personalized and depending on your individual circumstances you will be able to claim different things on your tax return. The following are some important items to keep in mind when you go to your accountant to prepare your tax return.
While it’s not required, we generally recommend that our clients bring in a previous years’ tax return to act as a reference. An important part of the process is consistency. We need to match the personal information or notify the CRA if there are any changes from the information provided in previous years. Making sure that your personal tax returns are consistent is an important step to ensure that you don’t raise any red flags for auditors. Large variations in the expenses and revenues from year to year raise suspicions from year to year so it is important that your personal tax preparer or accountant is thorough to capture all of the revenues and expenses possible... [read more]