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The tax deadline is quickly approaching, which if you didn’t know, is June 1st, (how are we almost in June?!) which is why we decided to put together our best tax tips for getting them done with ease along with free software to make the job that much easier.
1. Know your tax timeline.
This sounds easy enough, but I know for a fact there are tons of people out there who haven’t done their taxes yet. The deadline for your taxes to be submitted is June 1st, and the deadline for payments to be made without interest and penalties is September 1st.
2. Organize your documents.
Having your T4 along with any other tax documents, receipts for medical bills, charitable donations and related information makes filing easy. Nobody likes to scramble through months of receipts looking for a specific one.
3. Pick a filing method.
Knowing how you’re going to file allows you to prepare anything you might need to bring or obtain to make tax time easy. You can file by tax software, a preparative service, or through a paper return.
4. Deductions and credits.
These are a great way to reduce the amount of taxes you pay and there is a fair amount of tax deductions that you might even be eligible for; things like childcare, medical care, moving costs, as well as tuition. Be aware that you must have the correct supporting documents for these.
5. Pay what you owe.
September 1st is the deadline for all tax payments without interest and penalties regardless of the due date for the return.
If you have direct deposit set up, you could get your refund in as little as 8 days. However, if you do end up owing money to CRA, make sure to take advantage of the payment agreement they offer as it will help you in the long run.
Now, doing your taxes is the hard part, but there are some great free tax software out there that are easy to use.
- StudioTax allows you to file the first 20 personal tax returns for free regardless of the complexity of the returns. For unlimited returns, it will cost you $198.
- SimpleTax & GenuTax allow you to file your personal returns for free regardless of the complexity. They even have an option to donate any amount of your choosing after your taxes are filed.
- TurboTax Free says it in the name, but if all you have is a T4, charitable donation and/or eligible dependents it’s totally free. If you have other things to claim it is $19.99 per return.
Now it’s time to take all this new information and file those taxes!