Things to know for before filing your 2018 taxes

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Financial Advisory Services in London

The holidays are over and it’s time to get serious about your money and your budget. But before you roll out your New Year’s resolutions about money matters,you might want to take care of last year.

The April 30 tax filing deadline may seem a long way off, but leaving it to the last minute could mean rushing and missing out on deductions or making a mistake that could mean a costly audit.

Tax specialist Ryan Halfnights, with D&H Group in Vancouver, says now is a good time to prepare.“So when April comes along and it’s time to file, it’s less painful,” he said.

You can expect a few changes for 2018.  They include:

  • The $ 500 B.C. child fitness credit is gone
  • The $ 500 B.C. child arts credit is gone
  • The public transit tax credit is eliminated

All have been phased out over the past couple years since the Liberal party introduced the middle class tax cut. For many tax filers, using DIY tax software is just fine, as long as their returns are not complicated. Read More...

 

Article Courtesy: https://bc.ctvnews.ca/things-to-know-for-before-filing-your-2018-taxes-1.4194989

Source Courtesy: https://bc.ctvnews.ca

Article was originally published on: January 16, 2019

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