As Canadians head through tax filing season, professionals say missed deductions and a fear of making mistakes are among the biggest obstacles for many people.
Tax software removes mistakes in arithmetic, but people need to be aware of how any changes in their lives will affect their taxes, said tax guru Evelyn Jacks.
“The errors of omission are going to come from you,” said Ms. Jacks, who has written more than 45 books on taxes and wealth management.
She said the goal should be to pay the least tax allowed by law.
“What you want to strive to do is pay the correct amount of tax and no more.”
But Canadians commonly fail to make all their eligible claims for medical expenses as well as moving expenses such as such as real estate commissions, Ms. Jacks said from Winnipeg.
“People just don’t know what’s claimable,” she added.
Examples of claimable expenses include: the cost of widening a doorway to accommodate someone in a wheel chair, hearing aids and hearing aid batteries.
“People don’t understand that they can adjust their tax returns if they miss something and you can basically go back 10 years on most federal provisions.
So if you become aware of something, maybe a pro can help you recover taxes from the past.”
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