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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. 

Filed in: Giveaways, Taxes

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

  1. 101 Centavos says:

    We could all use a little cheering up around tax time, eh?

  2. Mary Happymommy says:

    I save on taxes by winning TurboTax software!

  3. SD says:

    I save on taxes by using my TFSA and contributing (at least something) to my RRSP.

  4. Maggie says:

    I save on taxes by trying to make sure that I claim for everything that I am eligible to claim.

  5. Bram Stolk says:

    I save on taxes by incorporating my business activities.

  6. Birdiebee says:

    By keeping good records throughout the year. Thank you for the giveaway!

  7. igra says:

    I save on taxes by using capital losses to offset capital gains.

  8. Wylliecoyote says:

    I save on taxes by investing using my RRSP in order to defer taxes.

  9. Judy says:

    I save on taxes by claiming my Charitable donations.

  10. Kristi Renout says:

    I save on taxes by making sure I keep all my receipts.

  11. I save on my taxes now by doing them myself. I started doing them last year and wondered why I paid someone to do something so simple for me. :)

  12. Kitstownie says:

    I save on taxes by contributing to my RRSP at the first of the year not the last of the year.

  13. Wendi says:

    I save on taxes by contributing to my TFSA and RRSP.

  14. Doc says:

    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.
    cheers
    Doc

  15. Dividends on the Prairie says:

    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!

  16. Be'en says:

    I save on taxes by maximizing contributions in my TFSA and RRSP and having the right investments in tax-efficient asset locations.

  17. john says:

    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.

    • Dave Blizzard says:

      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?

      • Mark says:

        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.

  18. John says:

    I save on taxes by reviewing my asset allocations annually and maximizing my tax efficiency with my TFSAs RRSPs and non-registered accounts.

  19. Lisa says:

    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.

  20. Banjopete says:

    I save on taxes by using a Canadian made, and free online tax return thingy
    http://www.simpetax.ca just sayin’

  21. Kitstownie says:

    I save on taxes by keeping fixed income and U$ equity in my RRSP and C$ equity in my non-RRSP and TFSA.

  22. Mark V. says:

    by claiming all my donations

  23. Jay says:

    I save on taxes by carrying over charitable receipts

  24. Shawn says:

    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!

  25. I save on taxes by claiming the Public Transportation tax credit.

  26. Ian says:

    I save on taxes by using TurboTax :)

  27. Blake Schmidt says:

    I save on my taxes by maxing out my TFSA & RRSP .

  28. Dave Blizzard says:

    I save on taxes by using a spousal RRSP.

  29. sarah says:

    I save on taxes by contributing to my RRSP and keeping all of my bus transit receipts.

  30. Rebby says:

    I save on taxes by using Turbo Tax

  31. Lyne says:

    I save on taxes by using tax-efficient ETFs.

  32. Tara says:

    I save on taxes by contributing to my RRSP.

  33. Sarah O. says:

    I save on taxes by claiming all my charitable contributions!

  34. Amanda C says:

    I save on taxes by putting all my savings into a TFSA.

  35. Andrew Wade says:

    I save on taxes by keeping all my receipts and writing what they were for on the back of each one before filing them away until tax time!

  36. Anna says:

    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!!!

    • Mark says:

      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.

      • Anna says:

        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 $.

        • Mark says:

          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.

          • Anna says:

            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!!

          • Mark says:

            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:
            http://www.myownadvisor.ca/dividends/

            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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