You’ll have to remunerate fines if you don’t submit your taxes on time. That alone is a compelling excuse to file your taxes as expeditiously as possible. If you have not executed your taxes contact your tax account in Prince George. There’s also the fact that executing the job now saves you time and aggravation later. With that in mind, here are three tax-filing tips straight from the website of the Canada Revenue Agency.

Electronically File Your Taxes

In general, filing your taxes electronically is preferable to mailing them in. The rationale for this is that electronic filing expedites the process. A letter may take up to a week to arrive by mail. It’s instantaneous with electronic filing. This influences how long it takes for the taxes to be assessed. This, in essence, determines the length of time it takes for you to receive your refund. So, if at all necessary, register electronically. You’ll get your money back soon!

Make A Claim For Credits And Deductions

Quite likely, you’ll use your tax return to demand a few deductions and credits, such as RRSP contributions and charitable donations. All of this is good and dandy. However, you might be able to make a stronger case. There are numerous tax deductions available, including home office space, tuition, student loan interest, and so on. The more claims you make, the less you will have to pay. If you’re unsure, consult an accountant, who will help you determine which deductions and credits you’re eligible for.

Don’t Forget Your Investments!

Last but not least, don’t forget to claim your investment gain when filing your taxes with the Canada Revenue Agency. The CRA receives this information from banks and brokers, but it is also your responsibility to include it on your tax return. You could face penalties or fines if you don’t report it.

By filing your investment taxes meticulously, you can save a lot of money. Stocks come with a number of credits that can save you a lot of money. Both of these credits are available if you correctly file your taxes.

Capital gains tax status is potentially also more lenient. If you made a 10% ($10,000) profit on your XIU stock, you would only have to pay taxes on half of it. When opposed to work revenue, this essentially cuts the tax rate in half. That’s a significant amount of tax savings, but only if you file your taxes on time. If you don’t, fines will erode away at your savings.