Ah, tax season. Arguably the most stressful time of the year. But… it doesn’t have to be. Finance Expert Bruce Sellery is sharing his secrets to making this year’s tax season the most seamless yet.

First off, find the paper.

One day they will invent an app that will bring everything together in one place. They have not done that yet. Do a search for “income tax checklist”…..and you’ll find a same. Slips: for employment income. Receipts retirement savings, medical expenses, childcare, charitable donations.

Other documents: Rental income, installment notices. If you can’t find the piece of paper you may well be leaving money on the table. Say it takes you one hour to track down the documents that will save you $300 in taxes.  Take the time.

Second,  report all your income! Doesn’t this go without saying?

It needs to be repeated now that so many people have a side hustle. AirBnb, small business, Uber.  All earned income must be reported. You put yourself at risk if you don’t report.  Tax evasion is a crime. Income tax, GST/HST tax evasion is a crime.

Third tip is to file, no matter what.

Life happens. People miss a year.  Then two years.  And it can get overwhelming.  You can’t run away from it forever. It will take a huge load off your shoulders to just get it over with. Also – there are credits that you may qualify for that reduce pain. The CRA charges interest on outstanding amounts. If you can’t pay now, you may be able to ask for a payment arrangement. Or, for taxpayer relief. They may be able to waive interest or penalties.