Cheer up for tax time, tax tips and my TurboTax giveaway

The great folks at TurboTax have given me six (6) codes to use with their TurboTax online software system.  I don’t need all of these this year, maybe you want a code to use?

To win one of these online codes you just need to enter my giveaway using the options below.  When commenting or tweeting I encourage you to finish this sentence:   I save on taxes by __________.   Sharing your favourite tax filing tips with me and with others in a comment or tweet will increase your chances to win.

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.   If I don’t hear back from you I’ll draw another name.

If you can’t think of any ways to save on taxes, fear not, I have a few tips for you.  Over the next few weeks while my TurboTax giveaway is on I might tweet out a few more tax tips as I research them and maybe write another blogpost about them – so stay tuned for those.

Students – put cash back into your pocket (rather your Mom and Dad’s pocket) by claiming:

  • Tuition – up to $400/month you were in school.
  • Books – up to $65/month you were in school.
  • Moving costs – when you moved over 40km to attend school (and out of your parent’s basement).

Parents – identify these tax credits for your family:

  • Children’s fitness tax credit – up to $500 per year for eligible child.
  • If you’re a new parent maybe you can claim the Adoption Expense Credit.

 New homemoaners:

  • Check to see if you qualify for the Home Buyer’s Amount, a tax credit up to $5,000.
  • Don’t miss out on the GST/HST rebate, if your primary place of residence was a new house and the price was under $450,000.

Seniors and retirees:

  • Use TurboTax to see if you qualify for the Family Caregiver Tax Credit.
  • File on time – seniors receiving Guaranteed Income Supplement (GIS) must file on time to continue benefits and payments.

a Rafflecopter giveaway

Good luck to all students, parents, new homeowners (same as homemoaners really) and retirees alike with my giveaway. 

47 Responses to "Cheer up for tax time, tax tips and my TurboTax giveaway"

  1. Timely article MOA.
    I save on taxes by Splitting my income with my wife, Maxing out my TFSA, and Writing off my yearly medical expenses. Also use a tax program to do it myself. Long retired reader.

  2. Dividends on the Prairie · Edit

    I save on taxes by getting them done as soon as possible if I expect a rebate and delaying them until the deadline if I owe money. The government should pay us interest on that refund money that they keep in their hands all year!

  3. I save on taxes by keeping US stocks in my RRSP so there is no witholding tax on the dividends.

    Would like to save more by winning some tax software.

    thanks for the blog and the chance to win.

    1. I thought that you were supposed to keep US dividend stocks in an unregistered account so you could claim the withholding taxes on your Cananian income tax.
      Anyone else care to comment?

      1. Hey Dave,

        You don’t have to keep U.S. dividend stocks non-registered, you can keep the U.S. stocks in an RRSP – and avoid any claims for the foreign tax credit whatsoever.

  4. I save on taxes by holding onto our family’s charitable contributions for >1 year and up to 5 years, in order to ensure the higher % is reached and the deduction maximized. Also, the higher income earner uses all of the deduction.

  5. I save on my taxes by deferring them until later through RRSP and maximizing my TFSA contributions every year for my wife and I.

    Great blog by the way. First time comment but long time lerker. Keep up the good work!

  6. I save on taxes by keeping my taxable income in dividends and capital gains at the lowest end of the of the tax scale. I work only on investing and have no other income – long term dividend investing really pays off. My goal is to one day have to pay $200,000 or more in taxes. (that is after using all the deductions possible of course.

    Great Blog!!!

    1. Thanks Anna!

      BTW – did I read that right, you want to have $200,000 or more in taxes to pay? You mean capital gains right?

      We hope to live off of dividend income and other investments in retirement. As you know by your statement, capital gains are tax efficient, dividends are next, much better than tax inefficient employment income or interest income.

      1. Yes Mark paying taxes on capital gains would be marvelous!

        Here is an interesting tip: If you need US $ you can buy a stock in Canada that has dual listing in the US. Then transfer the shares to a US account – that costs nothing ie no exchange rate – then if you need US $ ie a vacation you can sell the stock and bingo US $.

        1. Yes, know about the US <> Canada inter-listed stock thing but thanks for the reminder.

          Going-forward, I hope to have a number of investments in a non-reg. USD $$ account so that dividends paid in USD $$ are paying for my vacations but that’s about 15 years away. Getting there slowly.

          1. You do have a very strong handle on the wise way to invest. Your blog is the best thing anyone could read to start down the road to having an excellent retirement.

            My dad got me hooked on dividends when I was 12 – I had to sign a check that came in and I remember being very impressed because it was much larger than weeks of allowance. Right away I decided this investing thing is for me – so nice – you invest and they send you money!! I know I am lucky to have had a father to show the way.

            In the same way your family, friends and followers are getting the best insights possible.

            My hat is off to you!! Well done!!

          2. Kind words Anna, thanks very much.

            The investing is slowly coming along. We hope to be almost 30% to our dividend income retirement goal by the end of this year:

            Although I’m focused on getting the best total return I cannot help but think dividend investing is a pretty good recipe for financial success given the steady cash flow it provides. Your father was smart to show you the way early.

            Keep following along and I encourage you to spread the word about the site when you can – thanks.

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