Shandie Froese a financial advisor with TD Wealth gives us some tips to help prepare for tax season. (Ross Lavigne/CHAT News)

By Jesse Gill

PERSONAL FINANCE

Tax tips: Start early, look at the previous year’s slip and don’t file too early, says financial advisor

Feb 23, 2024 | 2:46 PM

Canadians are able to start filing for the 2023 season.

The deadline to file a tax return for most is April 30, meaning this can be a stressful time of the year.

But there are ways to prepare, a financial expert says.

Shandie Froese, an investment advisor with TD Wealth in Medicine Hat. said starting early and looking at last year’s return will help you prepare.

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“See what slips you can expect, and then start gathering those things early, tax receipts,” Froese said.

“It never hurts to start getting those medical expenses. If you’ve got employment expenses, make sure you’re gathering that in terms of the investment front. Always be patient, don’t file too early,” she added.

“You want to make sure that you have time to actually get those slips. Unfortunately, some of them can take a bit of time, sometimes not coming in until the end of March.”

Getting tax packages created for you can help with preparation.

The deadline to have Registered Retirement Savings Plans contributions count towards your 2023 tax year is Feb. 29.

A financial advisor can help you determine if this is the best strategy for you.

The Canadian Revenue Agency has also provided a need to know section on their website.