SOURCE: Master Lock

Master Lock

March 22, 2016 08:00 ET

Master Lock Offers Simple Solutions to Stay Organized During Tax Season

MILWAUKEE, WI--(Marketwired - Mar 22, 2016) - While tax season arrives at the same time each year, it's inevitable that many Canadians are not prepared to meet the May 5th deadline. However, filling even a month late makes you subject to the CRA's late-filing penalty of six percent of the balance you owe for your 2015 taxes*.

"Often times, people feel rushed through the tax filing process, which can already be confusing and time-consuming," said Rebecca Smith, vice president, marketing for Master Lock. "Master Lock is providing organizational tips and solutions to help Canadians master tax season in 2016 and provide peace of mind for everything worth protecting year-round."

Master Lock offers simple strategies** to get and stay organized during tax season:

Utilize Digital-Savvy Solutions
Instead of shuffling through piles of paperwork when filing your taxes, store personal expenses and documentation in the secure, easy-to-use Master Lock Vault app. The app eliminates the worry of lost or stolen paper documents that contain confidential information and provides reliable, convenient 24/7 access so you can easily pull up information whenever and wherever you are. Beyond tax season, you can use the system year-round, via the website or by installing one of the free mobile apps on either of your Apple®, Android®, Kindle® or Nook® devices.

Keep Important Documents Secure & Organized
Whether or not you file documents digitally, it's important to store the original, physical copies in a trusted, safe place. Designate a file folder for all important tax papers as you receive them, such as your T4, charity contribution letters, donation receipts, health bills, etc. and keep these in a secure lock box until it's tax time. SentrySafe offers reliable storage options like the SentrySafe Extra Large Digital Alarm Safe, which is fire- and water-resistant and provides ample storage for important, irreplaceable documents, such as legal forms, birth certificates, passports, social security cards, CDs, digital files, photos, and other valuables.

Create a Tax Day Count-Down Schedule
Navigating the many steps for filing taxes can be daunting. Instead of trying to tackle them all at once, create a master to-do list with all the tasks you need to accomplish and schedule dates and times into your personal or smartphone planner. Break it down step-by-step -- such as: Step 1: make list of documentation needed, Step 2: gather documentation, Step 3: schedule appointment with CPA and so on. With each deliverable scheduled in your planner, it's easier to manage and less overwhelming.

Research Tax Implications and Potential Credits
No matter which life stage you are in this tax season, pay close attention to possible credits that apply to you. For instance, according to the CRA, eligible students will save more during tax seasons by claiming their tuition fees, education amount, textbook amount, interest paid on student loans, public transit and moving expenses. Students may also be eligible for the GST/HST credit, which is a quarterly tax-free payment to help individuals offset GST or HST payments. Also, parents may qualify for the Canada Child Tax Benefit, Universal Child Care Benefit or The Family Tax Cut. Other tax benefits are offered for various life stages, such as newlyweds and senior citizens (65+), so it's important to properly research the various credits and benefits from the CRA with plenty of time to secure any necessary paperwork.

Beyond tax season, Master Lock is offering educational information and security solutions for everything worth protecting throughout the year. For more information, safety tips and trusted solutions, please visit the Master Lock website at www.masterlock.com or the Master Lock Facebook page at www.facebook.com/masterlock

About Master Lock
The Master Lock Company is recognized around the world as the authentic, enduring name in padlocks and security products. Master Lock Company offers a broad range of innovative security and safety solutions for consumer, commercial, and industrial end-users. Master Lock Company LLC is an operating unit of Fortune Brands Home & Security, Inc., a leading consumer brands company. Headquartered in Deerfield, Ill., Fortune Brands Home & Security Inc. (NYSE: FBHS), is included in the S&P MidCap 400 Index. For more information about Master Lock visit www.masterlock.com.

*"Interest and Penalties."  Canada Revenue Agency. Government of Canada, 10 Mar. 2016. Web. 11 Mar. 2016.

**Master Lock is not a legal, tax or accounting advisor, and the information in this press release should not be construed as legal, tax or accounting advice. Master Lock recommends that consumers consult a professional advisor for advice concerning specific tax or other matters. 

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