7 biggest mistakes people make when they self-file their income taxes.

Hi, my name is Marc Lecompte, I am the co-owner of Kwik Tax. I want to make sure that if you ever decide to file your own personal income tax, you don’t forget these XX credits since I assume that if you prepare your own income tax, I will assume it is to save some money and if you forget one or two of these credits, you won`t be any further ahead.

Just to let you know, being that I assume nobody likes to see Canadian Revenue Agency letter asking for clarifications on their income taxes …and that sometimes sometimes 5-6 years down the road, we always keep copies of your slips and we never charge you extra to take care of those CRA follow-ups. A lot of times we’ll take care of CRA before the client even realizes it.

The biggest misconception when it comes time to prepare your taxes. (Filing separately pays more)

5 common personal income tax misconceptions:

1. I didn’t get a slip so I don’t have to declare it…

2. Im not 18 yet so I don’t have to file

3. I only made $8,000 so I don’t have to file

4. I don`t want to file right away because I cant afford to pay my taxes right away.

5. If I work overtime, I end up eating it all up in taxes at the end of the year because of a higher tax bracket

Common student tax misconceptions

1. Students can write off the book bills

Common Self employed tax misconcetions

1. If I lost my bills, I cant claim it.

Some government officials have claimed this credit as being the million dollar credit. The biggest underestimated tax credit worth thousands..

I didn’t know I could claim my expenses to move last year. I guess its too late now.

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