The 5 Big Tax Mistakes EVERY Canadian Makes and How to Fix Them

Maximize your tax savings by avoiding these common errors on Canadian income tax returns. Already messed up and want to know how to fix a mistake on your tax return? Here’s how to change your return after you’ve filed.
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0:00 Mistake #1
4:07 Mistake #2
7:11 Mistake #3
10:37 Mistake #4
15:06 Mistake #5
Filing income taxes is a complicated process, so it’s not surprising that taxpayers often get things wrong on their returns. Sometimes, your mistake could have you paying more in taxes than you should. In other situations, you may have to give back the benefits you already received or face penalties or other fees.
In this informative video, we delve into the common tax pitfalls that Canadians encounter and provide practical solutions for rectifying them. Whether you’re a seasoned taxpayer or a first-timer, understanding these crucial points can significantly impact your financial well-being.
Deductions and Credits: Discover how to maximize your tax savings by claiming the right deductions and credits. We demystify complex tax jargon and guide you through the process of identifying eligible expenses. Don’t miss out on potential benefits-learn how to optimize your tax return.
Marital Status and Tax Credits Transfer: Accurate reporting of your marital status is essential. We explain the implications of different marital statuses and highlight the advantages of transferring unused tax credits to your spouse or other family members. By doing so, you can enhance your overall tax position.
Tax Deadlines and Benefits: Additionally, we address any government benefits you may have received during the pandemic. Properly declaring these benefits ensures compliance and prevents unnecessary penalties.
Remember, mastering these tax fundamentals not only safeguards your financial interests but also empowers you to make informed decisions. Watch the video to navigate the Canadian tax landscape with confidence!
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #taxtips #financialwellness #canadiantax

[@DanishGhaziCPA]

If you enjoyed this video, check out the other tax guides in my Free Canadian Income Tax Basics course: kzbin.info/aero/PLXhGXQTvcccxmmm9DQcUVxoTTjZr2uftq

[@fatimabeenish2717]

Very well explained thanks alot for the video brother.

[@Slickpete83]

*great channel Danish, i forgot to fill out my schedule 15 for FHSA , mailed in T1 adjustment form and schedule 15 form like CRA told me over the phone, and it's been 2 months and i didn't hear from CRA or get a re-notice of assessment, is it normal for them to take this long, hope they didn't lose it lol....*

[@DanishGhaziCPA]

Thank you so much for your kind words and for supporting the channel, it means a lot! Regarding your situation with the CRA, it’s understandable to be concerned about the delay. Typically, the CRA aims to process mailed T1 adjustment requests within 8 weeks, but it can sometimes take longer. Given that it’s been 2 months, it’s still within the normal range, but I can see why you’d be anxious. If you haven’t heard back soon, it might be worth giving them another call to check on the status of your submission. It It could be that everything is just taking a bit longer than usual. Thanks again for your support, and I hope this gets resolved for you soon! Keep me posted on your situation, hopefully all gets resolved.

[@fatimabeenish2717]

I paid 60 dollars for TB skin test to work in a day care can i claim it on my tax return.??

[@DanishGhaziCPA]

Great question, feel free to reach out on the matter here: asqme.com/@DanishGhaziCPA