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TurboTax is out for the 2010 tax season and I’ve had a chance to try it out over the past week and put together a TurboTax review and giveaway. Intuit has rebranded their Canadian tax software from the previous QuickTax name. This was done to align all their global tax programs under the TurboTax name….
If you’re looking to use tax software to file your income taxes this year, you might be wondering which program you should use and what are the major differences? Here is a general idea of what you can expect from each choice. Tax Software When it comes to tax software, two names probably come to…
The amount of tax you pay can be expressed in two different ways, marginal tax rate and average tax rate. While marginal tax rate is the tax rate paid on the last dollar you earn, your average tax rate is simply calculated as your total income tax divided by your total taxable income. What Is…
If you’re one of the thousands of Canadian “taxpayers” that have failed to file Canadian income tax returns you can be comforted by the fact that the Canada Revenue Agency (CRA) administers a program to help Canadians voluntary file past due income tax returns without threat of penalty. This program can be of great benefit…
Your marginal tax rate is the tax you pay on your last dollar of income, and more importantly for tax planning, what you’ll likely pay on your next dollar earned. Since Canada operates on tax brackets, you will pay more tax when you earn more. But you can also use these rates to your advantage,…
A Press release by Fraser Institute showed the total tax bill of the average Canadian family has increased by 1,624 per cent since 1961, while expenditures on housing increased by 1,198 per cent, food by 559 per cent and clothing by 526 per cent from 1961 to 2009. The report was widely distributed by several…
Most people know that April 30 was the tax filing deadline for individual taxpayers. But the big question, in terms of maximizing all your benefits is this: What are you going to do with your tax refund? Will you spend it or invest it? Here are six tax efficient ideas for building wealth with your tax…
