Five Tax Relief Tips to Start Using Today!

Create a Year-Round Tax File System
Stop the insanity of the last-minute tax scramble! Throughout the year, put all tax-related papers, bank and credit card statements, real estate interest statements, and all other documents in a simple box, file, or accordion folder. Label it, “2004 TAXES”. Buy something? Drop in the receipt and forget it until tax time next year! At work or while travelling, write down all tax-related expenses in your Day-Timer planner for quick future reference. This oh-so-simple practice puts everything within finger tip reach come 30 April, 2005!

Automate Your Tax Preparation
You already have a computer… why not turn it into the most efficient recordkeeping system in the world? Take the information you gathered in tip #1 above, and every month or so enter the information into a software program such as Quicken, QuickBooks, or Microsof^t® Money. When tax time comes around, click a few buttons and you’ll print a neatly categorized report to hand to your accountant. (Who will love you for it, by the way!). Or, go one step further and complete your own tax forms using software such as QuickTax™, TaxWiz™, or GriffTax. Some feature an incredibly easy “interview” system that helps find deductions you may have never thought of! And most print government-approved tax forms, already completed, ready to send to your CRA tax services office! Or, if you’d prefer to let a pro handle the paperwork for you…

Call Your Tax Preparer as Early as Possible!
Schedule your appointment in February 2005. Not only will you get better, less-hurried service, but you’ll also be motivated to gather your information earlier. Then you can watch the panicked looks on the last-minute filers’ faces while you sit back and sip lemonade! Best of all, early filings mean earlier refunds!

Get Quick Answers from the Horse’s Mouth!
Are gifts or inheritances taxable? Is the loss on the sale of your home deductible? You own stocks that lost money… can you take a deduction on your tax return? Don’t assume! Nor should you ask unqualified friends, family, or co-workers. You’ll find the answer to these questions — and hundreds more — at ccra-adrc.gc.ca. Click your mouse… and go to the source! It’s the fastest way to get the “audit-resistant” answers you need… and the peace of mind in knowing the information is correct.

Priceless Peace of Mind… Only $6.00!
If you’re one of a growing number of taxpayers who file electronically via the internet using NETFILE… over the telephone via TELEFILE… or electronically through a professional tax preparer who uses EFILE… you’re a step ahead of the game! However, if you still mail your tax returns, be sure to send it via Registered Mail. In addition to base LetterMail™ postage, just $6.00 more is all you’ll pay. Upon delivery, the item ID number is scanned and the date captured. The date of delivery is available the next business day after delivery, via the automated phone response system at 1-888-550-6333, or the Internet at canadapost.ca. Confirming that the CRA received your tax return helps you avoid late-filing penalties that are calculated according to the amount of tax owed. (The more you owe, the greater your penalty!)