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Turbo Tax (For Canadians Only)

I am sure Americans can avail themselves of this web site or another one but this information is for Canadians.

It is income tax time for the US and Canada and most of us will be doing our taxes online with or without help. The deadline for Canadians to submit their 2011 income tax return is April 30th, 2012.

For the last several years I have used www.turbotax.com and been very happy with the results.

Every year I dread doing our Canadian income taxes but once again this year it is done and I feel terrific. What you will need is all your tax receipts such as T4’s, T4A’s, TRIF’s etc., any medical receipts, donation receipts, moving receipts etc. Also you will need your Social Insurance Number and all of your RRSP contribution information.

First you go to www.turbotax.com and you will be invited to Sign In if you are a returning user or to open an account if you are new. You will need a User Name and Password as you would for any other web page. Make sure you make a note of this information as it will be the same next year.

This web site asks all the questions and you simply answer them. They also offer an audit insurance feature if you are interested.

They start with your personal information then proceed to your financial information. This web site also allows you to do your taxes as well as your mate’s at the same time which is a very time saving feature.

You go through about 6 steps and each one is very clear and has a “Help” option if you need it. They ask you to enter all the information about your income and expenditures and they figure out for you your Federal and Provincial income taxes payable.

You can use this web site whether you have taxes to pay or whether you are getting a refund.

Once all the information is gathered you are invited to submit your tax return through Netfile. You also have an option to print and save the tax return for future reference. To be able to submit your tax return through Netfile you will have to have a 4 digit Access Code which should have been sent to you by the Canadian Government. If you do not have an Access Code you can call the Government to ask for one or you can print out your return and mail it.

What I like about Netfile is that if you are lucky enough to have a refund coming they will send a direct deposit into your bank account and you will receive it in as little as two weeks.

I might also mention that if you are a customer of Royal Bank of Canada they are offering free H. and R. Block tax returns. Just contact the Royal Bank by phone or online and they will give you instructions how to avail yourself of this service.

At least they are making it easier to get our money and depending on your level of income the Turbo Tax web site tax returns are free.

Buena Suerte!