8.4.7 Summary of key messages

From: Financial Consumer Agency of Canada

  • When you prepare for your taxes in advance, you'll not only avoid penalties for late filing, but you'll be able to organize your finances to take advantage of potential tax benefits.
  • You can make it easier to complete your tax return by collecting your documents through the year. Organize them according to the sections of the tax return: Personal information, income from all sources, expenses and data from past years.
  • If you're filing your own tax return, a software package helps you prepare and file your return quickly.
  • Professional tax advice may save you time and money if you check that you're getting reliable advice at a cost that is appropriate for your needs.

At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage your taxes successfully in the future. Use the action plan as a roadmap for financial action!

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