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Weekly Blog Round: Tax Time

Income TaxI finished my taxes last Sunday. Right on time :) To my surprise, I got a much higher tax refund than I expected. It turns out that I had not included my spouse deduction during the year (and I have for this year) so I got the deduction at the end and the new arts and craft deductions were a nice addition. Obviously, I ended up doing it at the last minute but not because I am a procrastinator. I usually need to wait until I have all documents and I try to get it done mid-April but never before as I need to wait to receive all the T5 forms for dividends.

Doing Your Taxes

Filling your income tax as an individual is usually pretty simple. I have been using Turbo Tax (previously Quick Tax) for a number of years and it’s simply a matter of filling in the boxes from your T4 and T5s. For your non-registered investments, it’s important to track your capital gains and losses. I have provided an investment spreadsheet to help out with capital gains tracking for those interested. I also take into account the $CDN and $US dollar conversion. I have to handle that since my stock benefit is all in $US.

Putting Your Tax Return At Work

I am still waiting for my refund to be deposited but I can admit that I am upgrading my Mac Mini to a 27″ iMac. I initially thought I would receive less than $1,000 and I said that if I get more, I am upgrading the computer. I am getting over $3,000! The iMac is a given and the remainder will be invested somehow. I am debating between RESP or RRSP. I have neglected the RESP for a little while …

Worthy Readings

Some weekend reading to share …

Have a nice weekend!

Image: renjith krishnan / FreeDigitalPhotos.net

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8 Responses to "Weekly Blog Round: Tax Time"

  1. Echo says:

    Thanks for the mention! We did our taxes two weeks ago and ended up owing $2k. Now that we have a corporation set-up, any side income earned won’t be taxed at my marginal rate, which will be nice.

    Enjoy your weekend!

  2. Thanx for the mention PIE! ;)

  3. Eddie says:

    Thanks for the mention.
    Nice that you’re getting a return, I did my taxes two weeks ago, and I’m out $1,800. Such is life though.
    Have a great weekend.

  4. Thanks for the mention PIE!

    Nice refund as well ;)

  5. Been using TurboTax for the last few years myself, absolutely love it. This year I was able to do my personal and business taxes with it myself without having to hiring an accountant (typically a $1000 expense).

    Unfortunately for me, no refund, self employed, so just a massive bill at the end. No wonder this is the first year I submitted my taxes on time since starting my business 7 years ago.

  6. Liquid says:

    I do my taxes on the computer as well. I use U-file because it’s cheap and I like the UI. But to be honest I’ve never tried Turbo Tax before. If I had kids I would contribute at least the minimum in their RESPs to get the $500 from the government, then it’s RRSPs for any savings left over. Thanks for the mention ^_^

  7. It’s always good to get back more of your money than you were expecting. Thanks for the inclusion. :)

  8. Would a “Congratulations! suit for this? While it means you let the government keep your money at 0%, a projection from $1000 that happens to be more than $3000 is something worth a little celebration. So I must say congratulations on a 27″ iMAc on the way.

    Being in a corporate world where the employer does all the necessary computations, I never had any problem with taxes. But with my husband’s recent entry into self-employment, I guess I have to check out what Turbo Tax can offer.

    Best regards,
    Belinda

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