Tax Time
Here at the Alberta Storage Group we work with our bookkeeper Whitney Hall every day to make sure things are in order and she has been a lifesaver to us. We call her Wonderful Whitney. Whitney has done work in the field of accounting, banking and bookkeeping for many years and she has seen people struggle with finances and taxes. It doesn’t have to be that hard! Here are her pointers on how everyone can save time and money when it comes to taxes.
1. Did you know that Canada Revenue Agency (CRA) requires you to retain documents related to your taxes for 7 years? (The year you are in plus 6). Keep all those tax files in a file box and if you don’t have room for all those boxes think about using a self-storage facility to hold those boxes for you.
2. A person who works for a company in Canada is issued a T4 and has limited deductions they can claim. But there are some deductions and these deductions can significantly decrease your tax bill. As an employee these deductions will require that you keep a record. The best way is to have 1 file or 1 envelope that you keep your paperwork in through the year. Start this file or envelope in January and leave it in the same place and just keep adding to it throughout the year and then it’s already to hand to your accountant or tax preparer at tax time. What type of things should your save? Things like…
