September 2022 Tax and Money Tips - Re-starting your Routine

Photo by Brett Jordan on Unsplash

​Happy Labour Day! Another long weekend unofficially marking the end of summer; hope you have been enjoying your time. Many will get back to your routine as cooler weather sets. With that in mind, this month’s tax and money tips cover general information and recommendations for organizing your stuff so you will be ready when it comes time to file your taxes next year. Yes, it is still September, but routines are starting, so before you know it, it’ll be Thanksgiving, Christmas, New Year, then tax season will creep up on you. Organize little by little so it won’t feel like a heavy burden to you.  

1. For students
Did you work during the summer? Make note of all the places you worked at so you can look out for the T4’s. If you received cash payments for your work, or if you received tips, record that too, because the amount will need to be reported as your income. You may not have tax payable because your tuition tax credit may offset it. By filing your taxes, you will accumulate contribution room for your RRSP (Registered Retirement Savings Plan). It’s a win-win situation! 

2. For business owners
Fall is a good time to start organizing your receipts and documents so you have less stress when the next Tax Season arrives. Contact me if you would like a spreadsheet for common business expenses, car log and meals + entertainment log.

3. For parents
Did you send your children to camps so you or your spouse could go to work during summer? Collect all the receipts because you may be able to claim child care expenses.

Visit https://PrudentMoneyCoach.com/blog.html and follow me on LinkedIn, IG, FB, and Twitter for more money and tax tips. Have a great month and see you in October!