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Tips for Tax Time

Monday, 16 March 2015 05:53

Tax Time is upon us. We have tips to help get the most out of your refund.

It's tax time, and many people will be looking for tax preparers to help them get the most out of their refund.

The tax deadline is April 30th this year, and it can be a confusing time for many people. Tax preparers might be able to help residents make sense of what categories they are eligible for. Mortgage broker Julie Brenneman says that it's important to keep track of your receipts, and make sure to bring them with you when you go to meet with your tax preparer. "A lot of the times when they're going to a generic company, they're just basically asking for all their slips and not maybe asking them for extra things that they could claim that they're not aware of."

Brenneman also suggests saving all your receipts, especially those pertaining to medical expenses or legal services used to gain income (such as WSIB, or child support). 

She also says many people are so eager to get their refund back they end up losing out on their return."They aren't waiting long enough for the slips. They're so eager to get their refund that they're contacting me after the fact to amend their return, and sometimes they've already spent that tax money."

Brennan says the most important tip is to just get it done.

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