By Christie Henderson, Brian Quinlan, Suzanne Schultz
Compiled by way of knowledgeable staff of accountants, 78 Tax suggestions For Canadians For Dummies bargains useful tax making plans ideas. those person suggestions provide simple recommendation and perception that may shop readers aggravation and cash.
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Extra info for 78 Tax Tips for Canadians for Dummies
It’s kind of like e-mailing versus sending a letter. Understanding the difference between EFILING and NETFILING There are two methods of electronically filing your return: ✓ EFILING is used only when you’ve hired someone to prepare your return for you. The government must approve tax preparers to EFILE, so if you hire someone to do your taxes you’ll want to ask them whether they are EFILE-approved. You can’t EFILE your tax return yourself. You must first have your return prepared by an approved electronic filer.
The program takes your information and puts it where it 32 Part I: Tips for Everyone belongs on the federal and Quebec forms. QuickTax reviews your return when you’re finished, and even alerts you to any missed deductions or credits. You can NETFILE your return with both the desktop and online versions. Check out www. ca. ✓ Tax Chopper (formerly CuteTax): Online software; no Quebec returns. ca. ✓ TaxTron: The software is available in Windows and Macintosh versions, comes in English and French and can handle Quebec returns.
When a credit is referred to as non-refundable, it means that if it exceeds your tax you do not get a refund of the excess. Every Canadian is entitled to at least a basic personal credit (non-refundable) worth over $10,000, although this amount increases each year. This means you can earn at least $10,000 without paying any tax because the credit essentially wipes out the tax (see Tip #44). Report all of your federal tax credits on schedule 1 of your tax return. Each province/territory also calculates its own tax credits to help offset provincial/territorial taxes.