Finances

12 tips on family income tax

Income tax! We all pay our fair share, but if we could only reduce our payment or raise our tax return, it would be so much better!

Entrust your income tax in the right person

Would you have your car repaired by your hairdresser? Of course not! If, like most people, you know nothing about income tax, go to a professional accountant. He will look at your financial situation and advise you accordingly. Most accountants will make an evaluation of their fees depending on your financial situation. It’s obviously more expensive than doing it yourself, but it is usually worth it.

If your current “accountant” is your brother-in-law or a friend whose only competence is knowing how to work with an income tax software, be careful! Although these softwares are easy to use, they are more effective when the person using them knows about accounting. You must understand what information the software is asking for. For example, the software will ask you: Do you ask for GST and QST credit applications? For one person? Do you want to transfer your credit applications to your spouse? You must know the prerequisites, and most of all the consequences of your answers. If you do your income tax on paper, we highly advise you to use one of these softwares. It will save you time and it will be easier for you to transfer the tax amounts as the years go by.

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