July 2022 Tax and Money Tips - TD1, Learn about Taxes, Check Your Receipts

Happy Canada Day! How did you celebrate our nation's birthday? I'm grateful for Canada - it is not perfect, but I know our tax dollars are put to use.

For this July newsletter, I'd like to start with an announcement. After a long 2022 Tax Season, I will be taking a break for July and August, to recharge. If you need to get your taxes done during this period, I would be happy to refer you to others. I hope you all will be able to enjoy your summer too, whether you are taking a break or not.

Now, on to this month's Tax and Money Tips.
1. Summer is here. If you will be taking a second job or a summer job, make sure when you fill out your TD1 form, on page 2 you tick the box of “More than one employer.” This will ensure that there will be enough taxes taken off your paycheques. See images.

2. If you ever want to learn the basics of Canadian taxes, Canada Revenue Agency (CRA) has put together a series of lessons for you. It even includes mini quizzes. 
Check out:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/educational-programs.html

3. Always check your receipts, bills, invoices, statements, etc. 
     a. Check to see if items listed are what you purchased.
     b. Check to see if the numbers add up correctly.
For example, I usually try to do a quick scan of my receipt after grocery shopping (before leaving the store) to see if all items shown are what I purchased and the price is correct. Checking receipts has saved me some money - sometimes a little (less than $10), sometimes quite a bit (more than $10).


That's all for now. Visit https://PrudentMoneyCoach.com/blog.html for more tax and money tips. If you are on LinkedIn, Instagram, Facebook, or Twitter, feel free to follow me (LinkedIn, IG, FB, Twitter) for more tips. Have a great month!

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