78 Tax Tips For Canadians For Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz

By Christie Henderson, Brian Quinlan, Suzanne Schultz

Carry directly to extra of your funds and construct your wealth with those tax-saving strategies!

You work flat out on your source of revenue — preserve extra of it on your pockets with this concise, useful advisor. Compiled through a gaggle of expert accounting pros, those seventy eight shrewdpermanent suggestions supply whatever for everybody, even if you're an competitive investor or anyone being affected by debt, an worker or self-employed, a scholar or retiree. With succinct counsel explaining simply what you must understand for year-round tax-planning, this ebook is an important reference that simply may well prevent millions of bucks!

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If you’ve prepared yourself using approved software (see Tip #6), you have the option of NETFILING your return. At the end of the day, EFILE and NETFILE are essentially accomplishing the same thing. #7: Figure Out How to File Your Return 35 To be able to NETFILE your return to the CRA, you must prepare it using certified tax preparation software. Basically, the software saves your return in a format the CRA can read. html. You can also take a look at Tip #6, where we discuss tax software and the programs that are NETFILE-compatible.

You have a non-capital loss, such as a loss on your unincorporated business, that you want to be able to apply in other years. Although that loss is not going to attract tax this year, you might be able to benefit from it in other years. And the only way to document the loss is by filing a tax return. Non-capital losses can be carried forward for 20 years. However, consider carrying your losses back (up to three years), if possible, to receive a tax benefit from the loss sooner rather than later.

If your return is complicated and you’re looking for guidance, it’s worth it to pay a few extra bucks for the more sophisticated programs. Assuming you want to NETFILE your return, here are some CRA-certified options: ✓ GenuTax: Downloadable multiyear software — you don’t pay for annual updates! The software is Windows-only and doesn’t support Quebec returns. ca. ✓ H&R Block: You can have H&R Block complete your return for you, or use their Windows or Online Tax Programs to do your own taxes. ca for more information.

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