Early 2008 Tax Tips

September 23rd, 2008 Posted in Personal Finance & Investing

Early 2008 Tax TipsEarly 2008 Tax Tips

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Today, I am going to write about a few things you can do right now to make your 2008 tax filing smoother in 2009. These steps may sound too simple, but following them will put a big smile on your face at the time of filing your tax return in 2009.

  • Get one 7­­­1/2 X 101/2 or 9 X 12 envelop and mark 2008 Tax Return Slips on it. Start putting all your 2008 tax receipts, slips, and any related documents in it from now on. Doing this will save you a lot of time and hassle later on. You will have everything you need in one envelop.
  • If you have an RRSP account, review your statements and transactions to make sure you will be contributing your planned amount in your RRSP on time. Do not leave it for the last moment.
  • If you do not have an RRSP, perhaps it is time to open an RRSP account. Contrary to popular belief, you do not need a lot of money and you do not have to be a financial guru to start investing. In Invest Now I have discussed how to open an RRSP account with minimal amount, e.g., $25, and I have also mentioned how you can open an account just by walking into a local bank or just by picking up a phone.
  • If you need to update your records with Canada Revenue Agency, such as address, banking information, SIN, do it now so you do not miss any important communications.
  • If you do not file your tax returns and have not found any professional tax filer yet, start looking for someone now.
  • If you file your own tax returns, keep an eye on ADJ for 2008 Canada Tax Preparation Review article. I will be reviewing a few Canadian tax software programs (as I did last year).

I will also be posting many tax related articles with tax tips, tax changes, tax updates etc. Read ADJ regularly and read it often. If you read new articles via RSS feed, here is ADJ RSS Feed you can add to your RSS reader.

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