Biggest mistakes people make when they self-file their income taxes.
Hi, my name is Marc Lecompte, I am the co-owner of Kwik Tax. I want to make sure that if you ever decide to file your own personal income tax, you don’t forget these XX credits since I assume that if you prepare your own income tax, I will assume it is to save some money and if you forget one or two of these credits, you won`t be any further ahead.
Just to let you know, being that I assume nobody likes to see Canadian Revenue Agency letter asking for clarifications on their income taxes …and that sometimes sometimes 5-6 years down the road, we always keep copies of your slips and we never charge you extra to take care of those CRA follow-ups. A lot of times we’ll take care of CRA before the client even realizes it.
The biggest misconception when it comes time to prepare your taxes. (Filing separately pays more)
Common personal income tax misconceptions:
- I didn’t get a slip so I don’t have to declare it…
- Im not 18 yet so I don’t have to file
- I only made $8,000 so I don’t have to file
- I don`t want to file right away because I cant afford to pay my taxes right away.
- If I work overtime, I end up eating it all up in taxes at the end of the year because of a higher tax bracket
Common student tax misconceptions:
- Students can write off the book bills
Common Self employed tax misconcetions:
- If I lost my bills, I cant claim it.
(Some government officials have claimed this credit as being the million dollar credit. The biggest underestimated tax credit possibly worth thousands.)
- I didn’t know I could claim my expenses to move last year. I guess its too late now.