{"id":171,"date":"2020-02-07T08:00:19","date_gmt":"2020-02-07T13:00:19","guid":{"rendered":"https:\/\/www.ifg-global.com\/blog\/?p=171"},"modified":"2020-02-06T14:37:18","modified_gmt":"2020-02-06T19:37:18","slug":"its-that-time-of-year-avoid-the-top-10-most-common-tax-mistakes","status":"publish","type":"post","link":"https:\/\/www.ifg-global.com\/blog\/its-that-time-of-year-avoid-the-top-10-most-common-tax-mistakes\/","title":{"rendered":"It\u2019s That Time Of Year! Avoid The Top 10 Most Common Tax Mistakes"},"content":{"rendered":"\n

Despite all the uncertainty in the world, we know there are\nonly two things in life that are certain \u2013 death and taxes. As tax season\napproaches, it pays to be aware of the top mistakes people make when filing\ntheir taxes. <\/p>\n\n\n\n

Preparation is key as the last thing you want is to have to\ndo the exercise all over again.<\/p>\n\n\n\n

Here are the top 10 most common mistakes people make when filing a return:<\/em><\/p>\n\n\n\n

1. Not Submitting Contact Information<\/strong> <\/p>\n\n\n\n

It\u2019s up to you to inform the\nCanada Revenue Agency (CRA) of any changes to your contact information. If they\nneed to reach you and can\u2019t, they will make a decision based on the information\nthey have in front of them. The end result is a potential larger tax bill for\nyou.<\/p>\n\n\n\n

2. Not Keeping Proper Records<\/strong><\/p>\n\n\n\n

Remember to keep proper\nrecords to support any item you put on your tax return. In the event of an\naudit, you have to show that you can back up your figures with valid records.\nBe sure you\u2019re organized and keep track of your income and expenses. File all\nreceipts with their corresponding claims.<\/p>\n\n\n\n

3. Employee vs. Employer<\/strong><\/p>\n\n\n\n

With the increase in remote\nworkers and contractors, there is still a bit of a grey zone in terms of\nwhether to consider yourself a contractor or an employee. From an employer\nperspective, companies like to classify people as contractors to get out of\npaying EI and other benefits. Be\ncareful you know how to classify yourself or your \u201cemployees\u201d or the CRA can\nintervene and charge penalties and\/or interest on any withholdings you didn\u2019t\nmake.<\/a><\/p>\n\n\n\n

4. Not Writing Off The House and Car<\/strong><\/p>\n\n\n\n

Many small business owners\nforget to claim qualifying expenses including their house and car. A\nmortgage can be pro-rated against the percentage of your house your office\nrepresents<\/a>. Property tax, hydro and water can be included as well.\nDon\u2019t forget to keep track of any mileage related to your business. You can\nalso write off a portion of your car.<\/p>\n\n\n\n

5. Not Paying Your Taxes on Time<\/strong><\/p>\n\n\n\n

It\u2019s\nessential to pay your taxes on time to avoid paying penalties. April\n30 is the deadline for filing individual tax returns and June 15 for those who\nare self-employed. <\/a> For\nthe self-employed, taxes owing are still due April 30 although the return\ndoesn\u2019t have to be filed until June.<\/a> It pays to file on time!<\/p>\n\n\n\n

6. Claiming Invalid Tuition Fees<\/strong><\/p>\n\n\n\n

Canadians often claim tuition fees that aren\u2019t eligible for a tax refund.Fees reimbursed by your employer cannot be claimed. Extracurricular social activities, transportation, parking and board and lodging are also not eligible<\/a>. <\/p>\n\n\n\n

7. Not Reporting Common Law Status<\/strong><\/p>\n\n\n\n

Couples\nwho live in a common law relationship must report as common law and will get\nthe same treatment as a married couple. Reporting as common law also gives you\nthe ability to claim a tax credit for a low income partner.<\/p>\n\n\n\n

8. Claiming Ineligible Medical Expenses<\/strong><\/p>\n\n\n\n

Not everything is eligible as a medical expense<\/a>. Vitamins and supplements, over the counter medicine and bandages aren\u2019t eligible. Items that you are allowed to claim include eyeglasses, dentures and premiums to private health plans<\/a>. To be eligible they must have been deducted from your pay and not paid by your employer. <\/p>\n\n\n\n

Be sure to keep all supporting documents in a safe place in case the CRA needs to see them later. <\/p>\n\n\n\n

9. Pushing The Boundaries on Eligible Expenses<\/strong><\/p>\n\n\n\n

Many\npeople try to claim expenses for items that go way over the top of what they\u2019re\nentitled to. Someone\nclaimed they didn\u2019t file because they couldn\u2019t understand the tax return<\/a>. Another\ntried to claim ballet lessons as a childcare expense. That said, other\noutrageous claims have been accepted so for some it\u2019s worth the effort. The\nworst they can say is no!<\/p>\n\n\n\n

10. Not Budgeting for Tax Season<\/strong><\/p>\n\n\n\n

Every year\nthere are some Canadians who don\u2019t budget for tax season. As with most things\nin life, it helps to plan ahead. No one wants to find out they owe money then\nnot have the resources to pay up!<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite all the uncertainty in the world, we know there are only two things in life that are certain \u2013 death and taxes. As tax season approaches, it pays to be aware of the top mistakes people make when filing their taxes. Preparation is key as the last thing you want is to have to […]<\/p>\n","protected":false},"author":3,"featured_media":181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[45],"class_list":["post-171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-candidates","tag-tax-mistakes"],"yoast_head":"\nIt\u2019s That Time Of Year! 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