Not to stress you out or anything, but tax season is coming up.
You can’t avoid it. Your taxes are due April 30.
Luckily, software like TurboTax makes the process so much easier. TurboTax balances DIY with support, with new tax service offerings that do the heavy lifting for you. You can do your taxes in the comfort of your own home, even if filing taxes has made you uncomfortable in the past.
For more than 20 years, TurboTax has been helping Canadians simplify their taxes with easy-to-use software options that guide you through the process step-by-step, so you can file with confidence!
It may not seem like it, but there is a benefit to filing your taxes: you get money back! In fact, for a lot of us, our tax returns might even be the biggest pay cheque of the year. But the government is only willing to hand over cash if they have a full understanding of how you made money, and how you spent it.
Here’s the scoop. The money you get back from your taxes - AKA a tax refund - is actually your money to keep, since it's money you overpaid in taxes that were deducted from your pay throughout the year. So spend (or save!) it wisely.
Sounds pretty awesome... but it gets better. Thanks to TurboTax, filing your taxes (and getting all the sweet, sweet money you're owed) is a super simple process - that also just so happens to be free! Want to know where to get started? No worries. We've got your back.
1. The set up
Set up your account with TurboTax after selecting their free software option, if you've decided that this is the right one for you. Setting up your account is super easy - just fill out some details about yourself, like where you live, your marital status and occupation. Every detail matters!
2. Get acquainted with the CRA
If you are a Canada Revenue Agency My Account holder, you can view copies of your T4 and other T-slips online, and download and import all that information directly into your TurboTax form using the Auto-fill My Return.
3. Get your T4 ready
If you’re not using Auto-fill My Return or are filing for the first time by yourself, it’s a pretty simple process. The main section is your T1 income tax form. You need your T4 income slips from any employer in the past year which indicates where you’ve worked and how much money you earned.
4. Gather all your receipts
Make sure you do the pre-prep and gather all the relevant documents so they’re ready to go. Any receipts for tuition, medical expenses, transit passes bought before July 2017 may be used for tax deductions. So look through your slips, receipts and expenses and use them to your benefit.
5. Don’t forget about RRSP contributions
It may seem like a long way off, but are you thinking about your retirement?If you’re contributing regularly to an RRSP, you get a tax deduction. As well as things like prescription drugs. Pharmacies will provide a complete list of your expenses if you request one, and submit it on your tax form. Then just take all that info and add it to the TurboTax form which makes the calculations for you.
6. Track your side hustle
You should record income and money made from your side hustle, freelance gig or tips. This year, TurboTax introduced a software specifically for self-employed individuals, designed uniquely for people who work for themselves. (So if you're a #Boss, they got you covered!).
7. Stuck? Get live help from the community
TurboTax’s AnswerXChange helps you along the way. Simply ask a question to TurboTax’s very own online community, and get answers from experts and customers alike.
8. The review
TurboTax double-checks your tax return as you go, and before you file, so you can be sure everything has been included. TurboTax Live Assist & Review is an incremental option that lets you quickly connect to a live tax expert at any time during your tax preparation experience, for personalized tax advice, answers and a one-on-one review of your tax return. While this requires a little extra investment in filing, it’s a great extra that helps you file with confidence and get the best tax outcome!
You’re ready to go. Once you submit through NETFILE, an electronic tax-filing service that allows you to send your individual income tax and benefit return directly to the CRA, just sit back and wait for that money to come back to you.! Through NETFILE refunds are issued faster (in most cases, with direct deposit, you can receive your refund in as little as eight business days). You’ve earned it from all the hard work you've done throughout the year!