We’re all human and we’re all expected to make mistakes at one point or another. Tell that to the CRA though. There are certain mistakes you just need to make sure that you don’t make when it relates to filing for your tax refunds. Gathering the paperwork for these tax returns is where most of the errors are likely to occur. In this article, we’re going to show you some of the common errors you need to ensure that you avoid.
Errors from prior years: You need to fix these especially, because they can help you to recover tax refunds and credits when you file an adjustment to prior filed returns.
Income reporting errors: These can happen quite a lot, especially when they include the reporting of foreign pensions the mortgage interest owed by your adult child. If you’re a business person or a real estate investor, you should avoid the underground economy and be cautious when flipping homes,
Missed capital losses: You can’t afford to do this because they can actually be worth thousand in erasing your tax year’s capital gains. If there aren’t any gains, you can use the unapplied capital losses to remove taxes on capital gains on the past three years or on future gains.
Pension income splitting: Remember, there are multiple ways in which you can reduce the taxes on your pension income. Learn about these methods to ensure that you file for them, but even if you didn’t do it, you could do it within a three-year adjustment period.
Most-missed tax deduction: People often tend to forget about claiming their safety deposit box and continually doing this can lead up to quite an intimidating amount.
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