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.
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!