Jamie Golombek, CIBC’s managing director, tax and estate planning has some great tips for you to avoid costly errors:
- Double-check that you’ve included all income from all sources;
- Compare information on tax slips to investment statements or other supporting documents to ensure accuracy;
- If you’re missing information, do your best to get it; estimate amounts when information doesn’t arrive in time to file;
- Report all RRSP contributions, even if you’re going to claim the deduction in a later year;
- Determine if you are eligible for a deduction or credit before you claim it;
- Make sure your current address is on file with employers, financial institutions and the CRA so that you receive all tax slips and correspondence;
- Be punctual – file your return by the deadline, which is April 30, 2014 for most taxpayers, and respond to any direct CRA correspondence within the required timeframe. There is a 5% penalty for filing late plus interests.