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Federal budget 2018: 12 things you need to know From gender equality and parental leave, to research funding and small business tax reform, here are the key items from the federal budget

You can start planning for 2017 tax season now! Here are some tips:

1. File your 2017 receipts. Get few envelopes or binders, label them, and put all receipts in one spot. Also keep track of your kilometres if you use your car for business (of course, the best instrument is a log).

2. Even though everyone loves a big refund cheque, if you get a refund that means that you lended some money to the government for the year and now you are just getting it back. File form T1213 and decrease the amount of deductions at source.

3. There are some government grants that will defer the income taxable in the form of RESP and RDSP (RDSP is a less known instrument intended to help parents and others save for the long term financial security of a person who is eligible for the disability tax credit)

4. Make automatic deposits to RRSP at source.

If you are amongst the 50% of population that hasn't filed their tax return yet, and if you have some questions, you might want to consult CRA's 5 most popular questions:

Last month, the CRA published its list of the top five most asked questions:

How do I change my address?

If you’ve previously registered for the CRA’s online services, you can change your address by going to the “My Account” feature on the CRA’s website or through the CRA’s mobile app. For those less electronically-inclined, you can still fill out a form (Form RC325, Address change request), or simply write a letter and send it by snail mail to your tax centre.

How do I change my marital status?

You can also change your marital status online by selecting “Change my marital status” in the My Account site or by selecting “Marital status” in the MyCRA mobile app. Of course, you can also do this by phone, fax or mail using “Form RC65, Marital Status Change.”

What is my balance owing or where is my refund?

You can check your balance owing or the status of your refund, including the refund method (direct deposit or mailed cheque), the date it was sent, and the amount either through My Account or the MyCRA app. You can also call the Tax Information Phone Service (TIPS) at 1-800-267-6999.

How can I get a copy of my notice of assessment or reassessment?

You can easily get a copy through My Account, where you can view and print detailed information on an (re)assessment or reassessment for the current year along with the past ten tax previous years. You can also get your notices electronically by signing up for online mail.

Where can I get help with my income tax and benefit return?

Last but not least, if you need help filing your return, have a low income, and a simple tax situation, volunteers can help file your return for you through clinics that operate from now until the end of April. For more info, see the CRA’s website for info on the Community Volunteer Income Tax Program.

Employment expenses

In specific cases you can deduct employment expenses like:
- Accounting and legal fees (commission income only)
- Allowable motor vehicle expenses (gas, insurance etc)
- Travel and parking
- Salary-related (e.g., secretary)
- Office rent or work space in the home
- Supplies
There is a condition: your employer has to complete form T2200 (Declaration of Conditions of Employment) for you to be able to deduct the expenses.
You will have to keep the form in case CRA asks for it at a later date.