TORONTO, ONTARIO — (Marketwired) — 04/11/13 — As the April 30th deadline to file your taxes quickly approaches, Consolidated Credit Counseling Services of Canada, Inc., has created this informative to help Canadian families maximize their returns and file on time.
“While tax planning should be a year-round activity for all households, the truth is many families leave this tedious task until the last minute,” says Jeffrey Schwartz, executive director of Consolidated Credit. “This infographic can help those last minute filers save money through the many deductions and credits available to Canadians.”
The , produced annually by the non-profit agency, also provides great advice to help individuals and families get organized and meet the looming April 30th deadline.
Gather your statements – Being organized is essential to filing on time. Using a file or notebook to keep track of income, expenses and tax slips can make this job easier.
Decide how to file – Will you file online, over the phone, through the mail or with an accountant? How you choose to file will determine when you need to complete your 2012 tax return. Give yourself enough time to submit your taxes to avoid late file penalties.
Find deductions – The federal and provincial governments offer a variety of deductions that can help reduce a family-s total amount of taxable income. From RRSP contributions and charitable donations to childcare expenses and union dues, there are countless opportunities for Canadians to lower their 2012 tax bill.
Identify exemptions – In Canada there are certain types of income that are not taxable, like the Child Tax Benefit, inheritances and strike pay. Be sure to research possible exemptions before filing, or you could be paying the government more than you have to.
Look for credits – There are countless tax credits available in Canada that can help reduce a household-s total amount of tax owing – and there is a good chance most families are doing some, or many, of the things that can generate a reduction for 2012.
To help Canadian families get the most from their 2012 income tax return, Consolidated Credit also offers the guide to help answer questions about taxes and help families save.
About Consolidated Credit Counseling Services of Canada:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance. For more information, visit or call the toll-free phone line at 1.800.656.3920.
Contacts:
For more information or to request an interview
with Jeffrey Schwartz, please contact:
Consolidated Credit Counseling Services of Canada, Inc.
Kylie-Anne Doerner
Communications & Public Relations Manager
416.915.7283 ext. 1057 or © 289.231.7900