Countdown To The April 30th Deadline

by Tax Guy - Burlington Accountant on April 16, 2010 Print This Post Print This Post

Before you know it, the April 30th deadline will be upon us!  If you have not started your taxes yet you still have lots of time.

Did you know that you can file your taxes online using TurboTax (Formerly QuickTax)?  By using the TurboTax on-line version, you can do your taxes anywhere you have access to a computer.  With the TurboTax online edition, you’ll find how easy it can be to do your taxes:

  • You may uncover deductions you might have missed,
  • You can get your refund in a little as 8 business days,
  • You don’t pay until you file, and
  • You have access to expert support.

Give the TurboTax on-line edition a try today.

Filing Tips For 2009

  • Capital Losses– Remember capital losses can only be claimed against capital gains.  Any excess can be applied back to 2008, 2007, or 2006 or carried forward indefinitely.  If you have excess losses in 2009, file form T1A to carry back your losses and recover the related tax from those years.
  • Pension Splitting – If you have eligible pension income in 2009 up to 1/2 half may be allocated to your spouse.
  • Charitable Donations– Combine your charitable donations with your spouse and claim them on one return.  This will provide your biggest bang for the buck.
  • Medical Expenses – The amount you can claim is based on your income.  Combine your medical receipts with your spouse and have the lower income spouse claim them.
  • Credits – Remember to claim all of your credits.  These include:
    • The child tax credit
    • Child fitness amount
    • Public transit pass credit
    • Adoption expense credit
    • Tuition and eduction amounts transferred from a child

 The TurboTax optimizer tools will capture most of these deductions and credits.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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