From having a prescription filled through needing to be ambulanced to a hospital, everyone has medical expenses. Fortunately, a lot of different medical expenses can be claimed on your income tax as a tax deduction – and even more fortunately, the medical expenses of other members of your family can be claimed, too.
You may not want to claim medical expenses on your income tax return, though. Because of the way medical expenses claims are calculated, you’ll get the biggest bang for your tax buck if the spouse with the lowest income claims all the medical expenses on his or her return.
April 30th, 2013 is the deadline for filing your personal income tax unless you are self-employed.
If you or your spouse or common-law partner have been operating a business in 2012, you actually have until June 15th, 2013 to file your income tax – but if you have tax to pay you still have to pay it on or before April 30th, 2013, so you’re going to need to know whether or not you are going to get a refund or have a balance owing by April 30th anyhow. The safe thing to do is to treat the “must pay” date as the filing date and get your income tax completely done by April 30th. It’s too easy to forget about filing your tax return otherwise!
Washing all the walls in their home. Volunteering to take someone else’s kids to their medical appointments. It’s amazing what people will do to put off completing and filing their income tax.
But what if doing your income tax was something you could just breeze through, confident that you were getting all the income tax deductions you had coming, and could file with the Canada Revenue Agency with just a click?
These tips will help you make that scenario a reality.
Did your grandma give you a cheque to help pay your tuition last semester? Or maybe your parents paid your way so you could go to school last year.
Did you know that as a student, you can transfer your unused Tuition and Education credits?
It’s your chance to give one of the people that’s helped you out, such as your parent, grandparent, spouse or common-law partner, or their parent or grandparent, a little payback by giving them a much-appreciated tax break – especially appropriate if they’ve helped you out with your tuition or other expenses.
You don’t have to strain your eyes or your brain trying to read numbers in little boxes and manually transmit them into your tax software program – TurboTax lets you import electronic versions of your tax slips and other relevant data directly into your tax return!
That saves you time in itself. But even better, when you import electronic versions of your tax slips and other data into your return with TurboTax, the data from the slips you’ve imported is automatically placed where it needs to go on your tax return.
And you’ll see a summary of the information that has been imported immediately for your review.
Do you run your own business? Are you employed but do some freelance work on the side now and again? Or are you a contractor?
Then TurboTax Home & Business is the income tax application for you. It covers both your personal tax situation and your business tax situation, and ensures that you get all the business deductions that you can claim so you get the biggest income tax refund possible.
Did you think about your income tax when you bought those textbooks you needed for the courses you were taking? Or when you and your family moved halfway across the country to take that new job? Or when your child was born?
How many times have you been using an application and are stopped cold because you don’t know how to do something or need more information before you do?
And how many times have you clicked on that little ‘?’ icon (every software program has one) to get help and found a collection of two-line definitions that doesn’t help you or covers every other topic listed except the very topic you need help with?
But you’ll never experience that kind of frustration using TurboTax to do and file your income tax – because the makers of TurboTax actually support their product and provide help in all different ways.