You’ve Filed Your Taxes, Now What?

_{By Bromwich+Smith Staff | 549 words | Reading Time: 2 minutes and 28 Seconds | Date: 2022/04/29}

Along with the spring season, another season also arrives - tax season! The good news is that it doesn’t last forever and once it’s over, there is plenty of spring left to enjoy. And with tax season finally coming to an end, it’s time to exhale. But before you put your tax return completely out of your mind, there are a few things to consider. 

Make sure you have filed

You have until May 2, 2022 to file (since April 30 is a Saturday this year), and not meeting this deadline could result in interest and/or penalties.

Once you’ve filed, check on your return status

The last thing you want is to have missed the deadline because the filing wasn’t received for some reason. If you have filed online, you’ll be able to check that it was received and review your Notice of Assessment. 

Make a file for your records

Keep track of all your documents, including any receipts. In the event that you are audited, you’ll need to have this information available and ready. Even without an audit, keeping good documentation and management of your records will help set you up for success with the next tax year.

Pay if you owe

Mind the deadline again here, as you have until May 2, 2022 (again, since April 30 is a Saturday this year) to complete any payments. Keep a record of your payment and place it with the rest of your tax records.

Save or spend your refund wisely 

Depending on what you receive back, a tax refund can be a game changer. Taking a step back and thinking through your options can help you to make a decision you won’t soon come to regret. Contributing to your TFSA or RRSP can be a great way to put your refund out of sight and out of mind, while building up your savings. Do you have a project that needs attention around the house? Instead of tapping into your rainy day savings, using your refund can be a great alternative. If your affairs are in order and you have a solid savings plan in place, using your refund on something big, like a family vacation, can be a great option. Regardless of what you chose to do, carefully assess where you are currently at and what makes the most sense for your current financial situation. 

Look ahead to a fresh new tax year

Tax time may bring up feelings of guilt, shame and regret. Maybe you didn't make what you expected to last year and have debt as a result. Perhaps your owed taxes are higher than anticipated and you don't know how you'll pay. Or maybe, you've avoided filing taxes in past years and you dread the paperwork and fees that are catching up now. Whatever you're feeling, you're not alone. The only way out is through, so here's to making it through tax season and looking forward to a fresh new start.

What to do if you can’t pay your tax bill? Unexpected tax debt can happen. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243 or request a call back at our contact us page.