End the year with your taxes in order

By Lisa Gittens, H&R Block

Special to the Financial Independence Hub

At this time of year, you’re likely occupied with decorating for the holidays, cooking an abundance of food for family, and selecting gifts for your Secret Santa exchange. Amidst the placing of ornaments, stringing of lights and baking of cookies, taxes are probably the last thing on your mind: they’re something you’ll think about next year, when you’re reminded it’s officially tax season.

But, believe it or not, the end of a calendar year is the perfect time to review the current state of your filing and get your taxes in order before flipping the page to 2018. To help you do just that, H&R Block offers these tips:

Agendas make great friends

Treat yourself to the gift that keeps on giving: an agenda. With this new friend in tow, you can take advantage of sporadic free time and update it with all relevant tax-related dates so they don’t sneak up on you in 2018. Examples of entries you’d want to include are: February 26, 2018, which marks the day the Canadian Revenue Agency officially opens.

(As a side note, this is actually the latest opening in Canadian history and means Canadians will have a shorter window to file taxes.) April 30, 2018 is another date to keep in mind: it’s the deadline for filing 2017 personal tax returns. (If you’re self-employed, the deadline is June 15, 2018.)

Organization is in style

Hopefully you’ve been saving bills, tuition receipts, transit passes, charitable contribution receipts, health expenses, and other key tax documents this year. When it comes to your tax return, it literally pays (in the form of a tax return!) to retain and organize these documents. Like agendas, accordion-style folders with tabs to separate by category are great gifts to yourself. Just ensure you keep it in reach — and out of harm’s way — so you’ll be more motivated to use it throughout the year.

On a related note, if you’re unsure of what you should be saving from the recycling bin …

Ask questions

To ensure you claim all the tax credits you qualify for, discuss your current situation with an H&R Block tax expert, who can advise on what paperwork you need to keep and prepare for the upcoming tax season. These tax experts can also provide insight into whether present medical conditions or living circumstances will affect your tax situation. For example, did you know you can claim benefits for taking care of a loved one who is suffering from an illness or has a disability? Or that a major life event such as buying a home, getting married or having a child could make you eligible for additional benefits? It’s better to ask questions now than to leave unused credits on the table!

While getting your taxes in order may not sound like the ideal holiday activity, heading into 2018 with a clear idea of what your tax situation might be reduces any last-minute scrambling in the new year, and could ultimately net you a bigger return. Now that’s a happy holiday thought!

Lisa Gittens, H&R Block Senior Tax Professional, joined H&R Block as a tax professional in February 1993, then left to pursue a degree in Business Administration & Marketing. She has worked in areas of Hospitality, Education, Healthcare, and Not-For-Profit. Now in Toronto, she has stepped back into her role as tax professional and been steadily promoted within her district. She is actively engaged as an office leader, tax instructor and H&R Block’s national spokesperson.