Tax time does not have to feel overwhelming. In this Wealth Wednesday segment, Yvonne Delry, Investment Specialist, joins CHCH Morning Live to walk you through practical steps to prepare your Canadian income tax return with confidence.
From understanding why filing is mandatory, to gathering the right documents, to recognizing and avoiding CRA scams, this conversation is designed to help you protect your finances and make the most of the credits and deductions available to you.
In this episode, you will learn:
- Why every Canadian is required to file an income tax return and how those tax dollars support essential programs and services.
- How your tax return connects to RRSP contribution room and income tested government programs such as the Canada Child Benefit and the Guaranteed Income Supplement.
- Practical ways to reduce taxable income, including RRSP and spousal RRSP contributions.
- How tax credits work as a dollar for dollar reduction of tax owing, and common categories such as tuition, disability, medical, moving and childcare expenses.
- Safe ways to file your return, whether you use software, paper forms or a tax professional.
- How to protect yourself from CRA-related scams, including why CRA will not call or text you to demand aggressive and immediate payment.