It’s that time of year again – tax season! Now, before you groan or hide under your bed, we’ve got simple tips to make preparing your taxes a snap!
1) Sign up for the CRA’s My Account Service and use Auto-fill my return:
This free service allows you to track your refund, view or change your return, check your benefit and credit payments and your RRSP limit, set up direct deposit, and more.
Use Auto-fill my return through the CRA’s My Account – this handy service letsindividuals access common income slips (T4s, T3s and T5s), government benefit slips, RRSP receipts, and unused tuition credits, then automagically import the data right into TurboTax. All the relevant info will be populated into your tax return, saving you time and effort.
2) Organize your receipts and tax slips:
By having everything on hand before you start, you’ll save yourself tons of time (and grief). These include:
- Income sources: All your income needs to be reported including T-slips, tips, rental income and bank/stock
- Expenses:Common expenses include child care, business expenses for self-employed or small business owners, investment management fees.
- Eligible medical expenses: This is one of the most commonly missed deductions that can help get you a refund.
- Bank statements, brokerage and credit card bills:Some tax credits need to be supported by your banking statements, and not just your receipts.
3) Find last year’s Notice of Assessment (NOA):
It has your RRSP deduction limit and carry forward amounts you’ll need for this year’s return. If you’ve misplaced your NOA, you can find it in your CRA My Account.
4) Make sure you qualify for Netfile:
While you no longer need a code to use Netfile, you should make sure you qualify to submit your taxes through Netfile. If you are a procrastinator, you don’t want to realize at the last minute that you aren’t able to file electronically and end up filing late.
5) Have your Social Insurance Number handy:
This will make it easy to create a TurboTax account that you can access whenever you like and save your work. And, if you’re claiming dependant credits for anyone (such as your spouse, kids or parents) you’ll need their SIN numbers as well.
6) Use TurboTax!
Using TurboTax to file your taxes is a breeze. We ask you simple questions about your year then guide you through your return step-by-step, and find all the deductions and credits you are qualified for.
To use TurboTax, you just follow these four steps:
Step 1: Sign in
Set up your username and password, and return to TurboTax as often as you need to finish your return.
Step 2: Enter your info
TurboTax will map out every step for you, make all necessary calculations and provide updates on the amount of your return.
Step 3: Review your return
TurboTax will also review your return before filing to find every tax deduction and credit you deserve, helping you keep all of your hard-earned money.
Step 4: File your return
File online using NETFILE and TurboTax will walk you through every step. Alternatively, you can print and mail your completed return to the CRA. Using Netfile is the fastest way to get your return – in as little as 8 business days!
If you’ve got questions, we’re here for you! It’s DIY, not do it alone. If ever you have questions about TurboTax, we offer several support options to help you.
TurboTax SmartLook is a new feature that virtually brings tax and product experts directly to you through one-way video technology. This online, on-demand service can connect you to live, personalized advice from tax and product experts, which means that when it comes to your taxes, “do it yourself” no longer means doing it alone.
If you need more help, TurboTax Live may be for you. With TurboTax Live Assist & Review, a tax expert is available throughout your tax preparation to answer questions, then when you are done they will full review your return to make sure it is correct and you’re claiming all the credits and deductions that apply to you.
With TurboTax Live Full Service, we can fully prepare and file your tax for you! Just upload your slips and receipts to your secure online account, we’ll prepare your return, review it with you then file it with the CRA – all without you having to leave the comfort of your home!
With TurboTax, you can be confident your return is accurate, and you’ll get the maximum possible income tax refund. We guarantee it!