Thanks to the great folks at TurboTax, I have six (6) codes to use with their TurboTax online system this year. I don’t need all of these codes, so maybe you want one?
I’ll draw the winners at random and if you’re a lucky winner I will email you. Make sure you enter a valid email address. You’ll have 48 hours to respond to my email and if you don’t, I’ll draw another name.
While this giveaway is on I thought I’d share a few more tax tips for 2013:
Had a side business in 2013?
Don’t forget if you were self-employed or had a small business you can take advantage of many tax deductions. Here are just a few to consider:
- Claim business-related meals and travel.
- Claim mortgage interest or rent.
- Claim property taxes.
- Claim heat, hydro and utility bills.
- Claim office supplies and your new laptop.
You can find more information from the Canada Revenue Agency here.
Did you move in 2013?
Don’t forget if you moved a specified distance and then some in 2013, you can include a whole bunch of tax deductions.
Receiving pension income in 2013?
Don’t forget about pension income splitting to reduce your tax burden. Read more here.
Are you a first-time donor to a charitable donation in 2013?
Starting this year, there is a supplement to the charitable donation tax credit (CDTC), which effectively adds 25% to the rates used in the calculation of the CDTC for up to $1,000 of monetary donations. “As a result, a first-time donor will be allowed a 40% federal credit for donations of $200 or less, and a 54% federal credit for the portion of donations over $200 but not exceeding $1,000.” Read more here.
Looking for a tax-free shelter?
Don’t forget about the Tax Free Savings Account (TFSA). The contribution limit to this account was $5,500 for the 2013 year and recently $5,500 for this year. This makes the TFSA contribution room for this account since inception $31,000 per person. Read more about the TFSA from CRA here.
Looking for a tax-deferred shelter?
Don’t forget about the Registered Retirement Savings Plan (RRSP). The maximum RRSP deduction limit for the 2013 year is $23,820. However, if you did not use the full RRSP deduction limit over the last couple of decades, by carrying forward unused deductions, your deduction limit could be more than $23,820. Read more about the RRSP from CRA here.
Were you a student in 2013?
Tuition fees for students enrolled on a full- or part-time post-secondary basis in Canada and, in some cases outside Canada are eligible for tax credits. For the education amount, you can claim a credit for every month you were enrolled. You can also claim a credit for your textbooks if you qualify. Read more here.
Don’t leave money on the table! Learn about all the tax deductions and credits available to you using TurboTax this year.
Do you have any tax tips to share with me? What are some claims and deductions others should know about?