Use These Tools to File Your CRA Tax Returns with Ease
How do you file your taxes? Do you do it yourself using tax software or does your accountant crunch the numbers for you? Regardless of the manner in which you file your taxes, these tools can literally save your life while filing CRA tax returns.
Luckily, despite not being a CPA, you can keep an eye out for your expenses and figure out what amount of money you should set aside for taxes linked to your business – thanks to the plethora of tools and applications available at your disposal.
Use Office Lens to Back up Your Receipts
Whether you are a small business owner or a freelancer, you can deduct all kinds of business expenses. However, a comprehensive system of monitoring the receipts is necessary in order to be able to do this smoothly. Generally, people use paper receipts in this regard. The only problem with paper receipts is that they tend to fade over time which renders them useless in practical situations.
A smart way to prevent such issues is to use applications such as Evernote or Lens. Not only do these useful apps allow a user to take photos, they can also refer to it later on as and when the need arises.
Automate Necessary Tax Savings
Time is money. In everyday life, no one realizes it better than those who are self-employed. Given the fact almost all working professionals keep busy in their tight schedule, the automation of vital tax savings has become the basic requirement for performing difficult tasks at the present time. For instance, the use of a mileage tracking app like TripLog to track and lag your miles can make you eligible for tax relief for the distance covered for business purposes.
Develop an Understanding of Canadian Income Tax Brackets
Do you wish to save thousands of dollars with your taxes? Well, who doesn’t? All you need to do is get familiar with different income tax brackets applicable to Canadian Income Tax Structure. You can bump into a lower tax bracket by contributing a little more to your RRSP in the coming year.
Calculate Your Take-home Pay and RRSP Savings Using Online Calculators
If you are one of those freelancers who work on in-house contracts, sometimes you might wonder what your hourly rate is. One way to address this issue is to use online calculators designed for the purpose.
Also, you might not like to do a job forever no matter how much you love to do it. RRSP program in Canada can help you make savings for retirement. You can use an online calculator to do the same.
Irrespective of whether you are learning these things or have already become familiar with them, chances are you might feel the need for professional help. No worries, though. Speak to our business advisors in North York Ontario to get help with it.