February 10th, 2022

Hello February! Hope you had a good January and your February is going well.

Things have started to get busy. I may not publish any tips in March or April if my time is squeezed. Please follow me on Facebook, Instagram, LinkedIn or Twitter for money/tax tips. I will try to post once a week. Here are my tips for you this month. 

1. Some dates to watch for:
- February 21: CRA is open! This is the first day we are able to transmit our 2021 tax returns.
PS: It just happens that February 21, 2022 is also Family Day in BC. 
- End of February: You should have received your T4 by now.
- End of March: Hopefully you have received all your T3's, T5's and other tax slips by this time.
- May 2: Yep, this year April 30th falls on a weekend; this means the tax deadline is moved to the next business day, which is Monday, May 2nd. Yay? Please do not wait until May 2nd to submit your taxes. 
- June 15: If you or your spouse/common-law partner are self-employed, your deadline to file 2021 taxes is June 15th. However, any balance owing is due April 30th.

2. If your tax situation is simple and your income is not high, you may qualify for a free service at your local tax clinics. Here is CRA's website to read more about getting free tax help: https://www.canada.ca/en/revenue-agency/campaigns/free-tax-help.html

If your tax situation is not simple or if your income is not low, decide on whether you would DIY or hire someone to do your taxes this year. If you want to do it yourself but would like someone to review it for you, you can try Turbo Tax review program. This may be the most cost effective way.

​Tip: Do not wait until the last 2 weeks of April; you will have to wait for a long time as everyone is also rushing to try to get their taxes done.

3. Have you ever heard or received tax advice and you're doubting the information? Consider getting a second or third opinion; just like getting a second opinion on health matters.

OK, that's all for February. Have a great rest of the month and maybe I'll see you in March! If not, then perhaps May or June. :)
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Photo by Recha Oktaviani on Unsplash