Other

Celebrate Free with TurboTax for a chance to win awesome prizes!

Even though it’s a sweet deal to file your taxes for free and get your maximum refund – we’re not stopping there! To celebrate free tax filing with TurboTax, we’re kicking off our first annual #CelebrateFree Week! Simply follow @TurboTaxCanada on Twitter and like us on Instagram between February 20th and February 25th for a chance […]

Self-employed

Tax Time Tips for Uber Partners

If you started driving for Uber this year, it might be the first time you’ve been your own boss, setting your own hours and making countless decisions to improve the performance of your business. It also might be the first time you’ve had to report self-employment income on your income tax return. TurboTax Home & […]

Self-employed

Claiming Common Vehicle Expenses as an Uber Partner

As an Uber partner, you want to make sure you record all eligible business expenses on your tax return, specifically the form T2125. A big part of your business is your vehicle. Fuel, maintenance, insurance – all of these expenses can possibly lower your tax owing using TurboTax Home & Business. Let’s review common vehicle […]

Self-employed

Make Tax Time Easier with These Tips for Uber Partners

Set a reminder to check your mileage on New Year’s Day every year. Recording your end-of-year mileage is essential to claiming vehicle expenses. If you are a new Uber Partner, make sure to record the mileage showing on your odometer on day 1. Be diligent about your recordkeeping. Using an online tool like QuickBooks Self-Employed […]

Self-employed

Tips for Calculating Vehicle Expenses as an Uber Partner

As an Uber Partner, claiming vehicle related expenses is one of the most common ways to lower the amount of your income you need to pay taxes on. But how should expenses calculated? Let’s review some common questions surrounding vehicle expenses. I have my receipts. What else do I need? Knowing your mileage is the […]

Self-employed

Business Expense Tips for Uber Partners

As an Uber partner, you likely have a wide range of eligible business expenses. In addition to the eligible gas receipts you’ve been accumulating, there may be other expenses that could lower the amount of income you pay tax on. As an Uber Partner, TurboTax Home & Business can assist you with the amounts you […]

Investments & RRSP

Should You Top Up your RRSP Contributions?

Registered Retirement Savings Plans have many benefits, both immediate and long term. Along with adding to your retirement income, RRSP’s also give an immediate tax break by lowering your net income for tax purposes. If you’re unsure whether you should contribute this year, or wondering how much you should contribute, there are a few factors […]

Medical & disability

Medical Expense Deduction: Tips on Getting Organized Early

One of the more time-consuming entries at tax time is medical expenses. With a bit of planning and work before tax time, you can make entering your medical expenses much easier. Ask for a Printout Rather than assembling dozens of individual receipts, opt for an annual printout. Most pharmacies offer this service to their patrons […]

Self-employed

Tax Tips for Freelancers

Being your own boss has its share of perks. The freedom to choose your workload, hours, and pay rates is terrific. But running the show also brings a number of new responsibilities, including your taxes. Let’s review some tips for first time freelancers. Don’t be confused by the filing deadline for self-employed individuals. Generally speaking, […]

New baby

Tax Guide for New Parents

Along with changing your priorities, routine, sleep pattern, and almost every other aspect of your life, having a new baby also changes your tax situation. Let’s look at some tax tips for first time parents. Child Care Deduction  If someone else is paid to care for your child so you can work, run a business, or […]