Intuit Canada is offering free online or over the phone chatting with Tax Experts in Canada. During the tax season, these TurboTax Canada tax experts are available 24 hours a day and 7 days a week.
Beginning in February, Canadians can call or chat online with TurboTax tax experts. If you have questions about claiming business property deductions or medical expenses for small business employees, calling TurboTax Canada is a great idea at the right price, free. You don’t need an appointment just jump online.
Like many in America, we in Canada want the largest possible tax refund at filing time. Get professional advice and using great software helps to ensure you get every deduction. Once an additional fee, expert support is now available to anyone that has purchased the popular tax preparation software. The service starts when tax season begins and does not end until the tax deadline has pasted.
The holiday season is a time for giving not only to our friends and family but also to charitable institutions. This meaningful act enables us to make a difference while receiving tax credits in return — funds that make this a sustainable undertaking. Make all donations count by taking the following precautions:
1. Do a background check.
Criminals use names that sound similar to well-known charities. Look through the list of registered institutions compiled by the Canada Revenue Agency to verify. Ask for a receipt as well as this will be a requirement for claiming tax credits.
2. Go beyond charities.
There are a number of qualified donees that may give receipts even though they are not charitable organizations. These can also be used to gain tax credits according to the Income Tax Act. Examples are municipalities, national art clubs, and amateur athletic federations.
3. Donees have discretion on receipts.
These groups are not mandated to provide a receipt to their donors. People must ask them explicitly to acquire this proof of donation for tax purposes. Inquire about it before handing any funds to avoid any confusion.
4. Some non-cash donations can lead to tax credits, too.
Stocks, land, and personal property all merit credits when it’s time to pay for tax. Note that donated securities are not subjected to capital gains tax while donated properties are. Helping charities through volunteer work does not result in tax credits. The CRA has published guidelines on this so be sure to browse their website. TurboTax Canada also has helpful information on the matter.
It’s that time of the year again, when you have over-indulged in the festivities and you are now faced with some financial realities that are not so pleasant. The following are four tips to help you get your finances right in the new year.
Pay Your Debts
In 2014, you should stop procrastinating your financial obligations. Your personal loan, cash advance and credit card debt should be cleared immediately. Holding on to debt is costly because you have to pay interest. It also keeps you in a spending cycle. Therefore, you need to create a plan to get out of debt and follow it.
Open a TFSA for Emergencies
Financial emergencies can bring you to your knees if you do not plan for them. For this reason, you may want to set aside a certain amount of money every month and put it in a Tax Free Savings Account. A TFSA can help you to manage emergencies effectively.
Save to Buy a House
Canadians who have just gotten their fist job see home ownership as a distant fantasy. However, regular saving for a down payment can get them close to this dream. Since the minimum down payment is around 5%, consumers should aim to accumulate this amount and start their journey towards home ownership.
Invest Wisely for Retirement
In order to have financial independence during retirement, you must first take a closer look at your financial position and start saving right now. You can use TurboTax Canada to file your returns.