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 deductions this year, which may mean even more money back when you file! From the Family Tax Cut to the Small Business Job Credit, this year’s new credits have implications for Canadians from all walks of life. Check out the Canada Revenue Agency (CRA) website for more information.

Be prepared: Doing your taxes can seem overwhelming and time consuming – but it really doesn’t have to be. The key is being prepared in advance so you can quickly plug in your information. Here are a few easy steps you can take before filing:

  • Sign up for MyAccount and ensure the CRA has your correct information (mailing address, etc.)
  • Sign up for direct deposit so your tax refund goes straight to your bank account
  • Organize your receipts and slips
  • Make a list of your income sources and eligible expenses
  • Have your Social Insurance Number handy
  • Find your Notice of Assessment from last year (or find it online using MyAccount).

Though it’s good to have as much information on hand as possible when you get started, you don’t need all of your paperwork together beforehand. When filing with TurboTax online you can always jump in where you left off.

Take taxes into your own hands: Many people think that they don’t know enough to prepare and file their own taxes. But with intuitive software, all you need to know is yourself. Products like TurboTax translate taxes into simple questions about your life and year, like “Did you get married?” or “Did you buy a house?”, and put the information in the right place. In fact, 4.5 million Canadians filed with TurboTax last year and know just how easy filing their own taxes can be.

Thanks Robin.

My advice for this tax year – don’t leave money on the table! Take advantage of my TurboTax Canada giveaway to help you learn about all the available tax deductions and credits available you. Enter my giveaway below and good luck to you!

a Rafflecopter giveaway

36 Responses to "TurboTax Canada Giveaway and Tax Tips"

  1. I used to do my own taxes, but now with dividends, capital gains and losses, HSAs, work related 1099s, and some other distributions, I raised the white flag of surrender and got a CPA.

    Hopefully within a couple of years my taxes will be far less complex and I will resume preparing them myself.


    1. I think this is where asset location is important, you can minimize the “tax headaches” to a degree if you put the right assets in the right accounts/locations. There are huge advantages of doing your own taxes, a big one is, you learn. Thanks for the comment!

  2. Mark,

    Completing my taxes is one area, I have yet to venture and explore. In the next couple years I plan on learning how to do my own taxes. As it is a little more expensive to have my accountant complete it. But right now with my schedule and tax knowledge it is money will spent to have it completed correctly.

    Thanks for sharing,

    Mr. Captain Cash

    1. No doubt many accountants are needed and they can provide an invaluable service to many Canadians. Tax management and understanding is a body of knowledge I want to get better at. Thanks for the comment Captain Cash!

  3. I have been using “Studio Tax” here in Canada since 2006 and I’m very happy with it. It may be a little less user friendly than Turbo Tax but it gets the job done and there is no charge but they accept donations so I send them $10 each year to keep them operational. You can use one downloaded copy to do your whole families individual taxes. You can mail in a hard copy or do e-file with Studio Tax.
    Oh, I don’t receive any compensation from them for writing this but I hope to keep them afloat as an inexpensive option here in Canada.

  4. I have never actually filed my own taxes. Each year, I hire an accountant and each year I feel like this is something I should just be doing myself. My finances are fairly straightforward (nothing complicated), so I would like to try this year. I guess the Turbo Tax software walks you through everything step by step? I guess my biggest fear is making mistakes that cost me later.

  5. For the large majority of people a simple tax software program will do the trick. It’s where you start getting into more complicated areas like rentals, capital gains, investment income etc where you’d want to seek help. I’m swamped lately with tax returns but none of them are what I’d call ‘simple’

  6. I’m fairly convinced TurboTax pays people to comment on articles like this. Just look at the number of comments that start with “I love turbo”. These aren’t real users.

    Of course, I can’t substantiate this, but it is pretty scuzzy marketing.

  7. I love Turbo Tax because it makes life so much easier! I’ve been using it for a few years now and would never change or go back to paper! Thanks for the chance to win


Post Comment