Tax Time Crunch Is Here: 3 Savings Tips

Well – here we are. It’s getting late in April, and that means the deadline for doing your taxes is nearly here! Avoid any unnecessary fees – or hopefully get a good return – by filing before the April 30, 2011 deadline in Canada.

It’s been said that ‘the only two things that are guaranteed in life are death and taxes‘. That really feels true during this time of year. But don’t sweat it. There is still time to complete your return and do it as cost-effectively as possible.

Whether you’re a tax expert, or a total noob, there are some ways to ensure you’re only paying what you need to during this time of year.

Tax Tips:

Keep your receipts and know your deductions

You know when co-workers are canvasing for their kids and you make a donation? Find out of those were tax deductible. Those receipts will be great for putting towards your return. Got bus passes? Bring them in as well. Every little bit helps during tax time, so check out the great resources online and make sure you’re getting the best possible return.

Do it yourself

If you’re a tax expert, have a simple return, or know your way around the software, why not file your taxes yourself? Turbo Tax can cost you as little as $16.99! You can cut out the fee of an accountant and gain even better knowledge about your financial situation! Again, only do this one if you’re confident in your abilities – and if you are, do your friends’ taxes, and make a bit of cash on the side!

Avoid the instant payment

When you’re filing your taxes at many locations, they offer you an instant-tax-refund, but beware! Those instant refunds often come with a heavy cost. A cost you don’t need to pay if you just wait for your return to be delivered by the government.

While you don’t need to love tax time, you can be smart about it and be sure to get the most of of your return. Feel free to let us know here, or on Facebook, if you have any other great tax-savings solutions for Canadians as we get close to the deadline.