Finding Free Money

Earlier this month, millions of Canadians were notified they were owed money by the CRA. The agency was trying to clear up the backlog, amounting to billions of dollars, and get it in the hands of taxpayers. What if you could look back on your taxes and see if you also qualify for bigger returns? Best-selling author and personal finance educator Kelley Keehn can show how you can see if you're owed bigger returns from the past. From the most overlooked tax credits Canadians often miss out on, to the best ways to refile past returns saving you time and money.  Scroll down to learn about finding free money going back on your tax returns. 

There are many tax benefits people overlook – either because they’re not familiar with the many updates to tax laws and benefits or they never looked into what they've qualified for. This could mean you’re missing out on hundreds or thousands of dollars every  year.

Think of the pandemic and all of the changes, benefits introduced in that two year period. Now think of your stress level. Are you really confident you took the time to explore every benefit you qualified for? Or did you get your return to a point you were happy with and stopped? Also consider the power of habit. Some people develop a system and stick with it for years, no matter what life circumstances may change.

In Canada we have the rare advantage of being able to go back to past tax filings and basically double-check the math, see if there are any benefits missed in past years. You can do this up to 10 years. Businesses have been doing this, but the costs of hiring an accounting team to do a thorough look at past filings can be more than what the average person is willing to do

Catch my segment on CTV Calgary here.

Free Money By Going Back on Your Tax Returns

The Digitization of our tax system is actually a real gift. You can go back and redo your own taxes with fresh eyes, looking for additional benefits you may have missed the first time. If this is too daunting. There is now software developed where you can hire a company (i.e. Family Tax Recovery) to do this for you. They use an automated software and AI to look back at past returns and see if there are any benefits you may have missed. This same “found money” strategy is more accessible than ever.  The best part?  You're not charge a cent unless they recover money for you.

And it’s more needed than ever. A recent Leger poll found even middle-class and high earners are feeling the pinch of inflation (79% earning $60,000 to $100,000 annually and77% in the $100,000+ income bracket). After nearly a year of decades high inflation, we’re past the point of being able to save a little here and there to get through a rough patch. This prolonged inflation period is forcing us to be creative with how we cover our expenses. Plus, if you comb through past taxes now and see what you’ve been missing out on in past years, you’ll have this knowledge throughout the fall. It’s essentially the “last quarter” for individuals, so you’ll have these previously missed benefits in mind as you mentally prepare for the next tax season.