With the May 5th tax season deadline just around the corner, the clock is ticking for the tax filing procrastinators. As far as Canada’s largest cities go, Calgary and Toronto are tied in first place and Montreal is hanging back in 5th.
On the flip side, despite all the negative stereotypes that millennials are financially irresponsible and lacking motivation, young professionals will be happy to know that their generation is more on top of their taxes than any other age group. This should come as no surprise given the availability of online software such as TurboTax for our technically savvy generation. If you’re still putting off your taxes, here are some tax tips to give you some motivation:
1. Did you attend any fundraiser galas this year? That gala may come with tax benefits. Don’t forget to file your taxes for all the fundraisers and any other applicable charitable donations that you made this year. Only donations made to registered charities and qualified donees are eligible. To check if an organization is registered, go to the Canada Revenue Agency Charity Listings.
2. Even if you’ve taken time off work to study and haven’t made any money this year, you should still file your taxes to claim your tuition expenses. Your future self with thank you for that extra tax refund down the road!
3. If you bought your first home this year, there’s a tax credit for that too. New home buyers can claim the First-Time Home Buyer Tax Credit, which is based on your personal income tax rate.
To learn more, check out the CRA and TurboTax websites.
#LYNL | (Live Your Notable Life)
Cover image from: changeyourenergy.com
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