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TurboTax 2014

Tax tips every Canadian should know about

Welcome to tax season folks!  This season is not nearly as exciting as spring and probably not as exciting as the NHL playoffs (my Sens are out of the picture unfortunately…) but a season nonetheless.  Submitting your tax return is one thing.  Making sure you include all the important deductions to avoid leaving money on the table is quite another.  Today’s post will list a few tax tips I think every Canadian should know about this year. Charitable donations Be sure to find your tax receipts from eligible charity donations made throughout ...
TurboTax 2014

TurboTax Canada Giveaway and Tax Tips

Thanks to my friends at TurboTax I have a few online codes to giveaway this tax season.  Thanks TurboTax Canada!  I’ll draw the winners of this giveaway at random later this month.  If you’re one of the lucky winners I will email you so make sure you enter a valid email address. I had the pleasure of receiving a few great tax tips from tax expert and personal finance consultant Robin Taub.  You can follow Robin on Twitter @RobinTaub.  Here are some of her tax tips: Know what’s new: There are some new tax credits as well as increased ...
Tax Refund

How We Spent Our Tax Refund This Year

Some time ago on this site I offered up a question for readers to consider:  What would you do with $1,000? In that article I shared what I’d do with that tidy sum if it found me. Recently we got our tax refund back, a couple grand, so more than the “found money” I am referring to above.   A tax refund is a mixed blessing really.  On the good side, we were given money back.  On the downside, a tax refund means we just gave our government an interest-free loan over the last year.  On that note, I think getting a huge tax refund is ...
Tax Refund

How to spend your tax refund wisely

A great day has arrived; your tax refund is here!   Good on you, because you took advantage of tax credits, you contributed more money to your Registered Retirement Savings Plan (RRSP) and you claimed the GST/HST rebate this year. Now the vexing question – what on earth do you do with the money?  Instead of rushing out and buying that expensive new tech toy or blowing everything and maybe a bit more on a vacation, consider these alternatives or any combination of them to spend your tax refund wisely. Pay off credit card debt  Yes, maybe boring, ...

RRSP Fast Facts and Our Game Plan

Ok, I’m sure you already know the basics about the Registered Retirement Savings Plan (RRSP) – so let’s play a game of True or False. RRSPs are an investment product themselves so go out and buy some RRSPs now! You can only contribute in February and March when the banks start advertising for them. RRSPs are great because withdrawals will eventually be 100% tax-free like the TFSA. The RRSP contribution limit is $23,820 for the 2013 tax year with no exceptions. The RRSP contribution deadline this year is March 1, 2014, like it is every March ...

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