6 Tips for Doing Your Own Taxes

You CAN do your own taxes! #WaitWhat?

If you only have T4’s, RRSP’s, donations, and medical expenses, then you CAN do your own taxes! #REALLY

Here are 6 tips to help you get it right:

1. Find a good tax program. StudioTax is fairly user friendly and is always free. Ufile is good too. And TurboTax is probably the one you have heard of. Go with your favorite.

2. Remember to enter your RRSP limit from last year’s NOA on the RRSP worksheet. #DontMissOut

3. The person with the HIGHER income should claim ALL the donations. This gives the best refund. #CashInHand

4. ALL medical expenses should go on the return of the person with the LOWER income. However, if their income is less than $14,398, then the person with the HIGHER income should claim them.

5. Make sure you do your and your spouse’s returns together to maximize your refunds. Fyi - If you have been in a common-law relationship for at least 12 months, then you are “Common-law” for taxes. You can no longer file as “Single”.

6. You are required to report any tips you received from your employment. It may sound crazy, but CRA expects waiters, hairdressers, etc to keep track of their tips. #DontShootTheMessenger

#GotQuestions? Contact Me. I’d love to help!