What about my taxes – January 2020 Edition

Congratulations! You survived 2019, and what a year it was. You dealt with the roads, the holidays, and are probably wishing you were somewhere warmer right about now. Well, maybe you are not ready to look at 2020 yet, so you better have a quick glance at your bills…and what are you going to do about your taxes? That’s right, the year is over, so you’ve got only a few months to get yourself together if you want to file on time. What do you need?

Well, for some, not a whole lot. They just wait for a T4 to come in the mail, and maybe an RRSP slip or some donations. But you want to make sure you save money this year, so what should you look for? Here’s a quick list of items that usually get missed:

Vehicle Expenses – Did you use your vehicle for work this year and want to claim it for taxes? You better jot down that odometer reading in your log book or day timer

Medical Expenses – Were you sick and needed some antibiotics last year? Or did you have a few chiropractic treatments for your sore back in the summer? You should call your pharmacy, dentist, massage therapist, acupuncturist, etc. and get a statement of what you paid them last year.

Donation Receipts – You gave some money to the Red Cross for that disaster overseas, also supported John for growing his mustache in November and you think your spouse gave some money to church too. You might should see if there were any receipts we were emailed, or watch to see if they are getting mailed out soon.

Loan Statements – You had student loans for tuition from Canada Student Loans, and there’s the Car Loan for your vehicle you used for work. You think you can claim the office in your house, so you better get a statement from the bank for the Mortgage Interest you paid last year too.

Notice of Assessment – You know you filed your taxes last year, so you should have received a Notice of Assessment from 2018 showing what was filed. You might even have a Notice of Reassessment for something those other guys filed for you incorrectly and CRA caught. You should probably dig that out so you can verify it was filed, and see what room you might have to contribute to that RRSP or TFSA account.

Of course, if you aren’t sure if you can claim something that’s easier to get in January, you can always call or email Zablocki & Associates to make sure you get that now and save yourself time in March or April!