Many Canadians are unaware of the tax-related benefits that the federal government has in place to improve the lives of Canadian taxpayers, particularly those dealing with physical and mental challenges. The good news is that the government allows every eligible taxpayer to file a tax refund or adjustments for the missed period, up to ten years.
So, what does this imply to your specific tax issues? The government will issue tax recovery or reimburse you for income taxes paid over the past decade and even future overpayments. It’s important to mention that you need income tax recovery services to figure out all possible tax recovery opportunities.
Remember, Canada’s tax refund process is somewhat complex, and you need tax recovery review professionals to help you address all possible tax compliance issues (for businesses), perform tax recovery analysis & recovery documentation, and help you file tax returns or get your tax recovery/ refund on time.
Why work with tax professionals?
Handling your tax activities on your own could save you money because you will not pay a tax professional, right? Now think of the benefits of working with a family tax recovery services provider who can help you set up a comprehensive tax recovery strategy. This would help you recover the highest possible tax refund from the government. Wouldn’t this save you more money?
Tax professionals can also analyze the tax returns of other family members just to uncover opportunities to claim tax refunds and reduce the amount of taxes they pay. It is also necessary to check all re-assessments just to be sure all calculations are correct.
Some of the items that may be missing on your past taxes include;
- Medical-related costs not properly calculated or mentioned in the wrong category
- Unutilized carrying charges
- Unused RRSP receipts
- Forgotten moving expenses
- Donations and union dues that you didn’t claim
- Child support or spousal support deductions that you didn’t claim
Do you need tax recovery services?
The tax code is complex, but tax professionals keep up with those complexities and changes. They can help you avoid tax-related mistakes that could cost you a lot of money. Besides, they can guide you when figuring out the most cost-effective tax filing strategy. If you ever need tax recovery services, contact PersonalBanker.