The tax deadline is coming, Canada! As the looming presence of that April 30 deadline is fast approaching, it’s estimated that 32 per cent of Canadians* feel the dread come tax time, according to a survey conducted by TurboTax Canada.
There’s a fair bit of anxiety associated with taxes, whether that’s fear of missing deductions or credits, owing more money than expected, or filing your taxes incorrectly, resulting in an audit.
Getting expert advice can help alleviate some of those anxieties, and TurboTax has tailored tax solutions to help you crush your taxes no matter your situation.
To help you file with confidence, here are some of the most important things to keep in mind when preparing your taxes, and how TurboTax can help.
Know what’s changed this year
Year-to-year, the Government of Canada makes changes to tax laws, whether big or small, that can impact your return
If you didn’t already know, some of the key changes for the 2024 year include increases to Income Tax Brackets, TFSA & RRSP Contribution Limits, and the Basic Personal Amount. Staying up-to-date on these changes can equip you with more confidence to ensure you’re filing correctly.
Luckily, you don’t need to do all that research yourself. TurboTax is up to date with all the latest laws and changes, so you don’t need to be!
Get the receipts
Do you always decline the receipt when asked if you’d “like a copy”? You may be leaving money on the table.
Receipts are an important part of your tax return process, as there might be things you can write off to lessen the amount you owe — but it can be confusing to know which receipts to keep and which to toss like Ubers and parking for business travel, subscriptions (like Zoom, Canva, etc.), and meals for business meetings.
Seeking professional support can also help. TurboTax Assist & Review provides unlimited expert help via chat or video as you prepare your return. They can help you understand which expenses you can write off and guide you through deductions and credits that are new to you as a result of life changes.
Triple-check everything
Sometimes, when you’re in a sea of receipts, digital invoices, and tax documents, you might miss a decimal point or two, which can throw off your math.
With TurboTax Assist & Review, an expert will review your return before you file so you can rest assured that everything is accurate.
Don’t let your tax anxieties get the better of you! Visit TurboTax online today to file with confidence.
*These findings are from a survey conducted by Citizen Relations among a representative sample of 1,509 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
Chris Middleton
Senior Staff Writer — Branded Content
Chris is currently the senior staff writer for the branded content studio at Zoomer Media, Hive Labs, which creates content for Daily Hive, blogTO, Curiocity, the Peak, and other Zoomer Digital properties. Based in Toronto, when he’s not scribbling screeds on his computer, you can find him scouring the city for the best spot to grab a bite, laying prone on the couch binge-watching reality TV, or traversing hiking trails with his dog, Omar.
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