I want to learn how to file my own tax return by myself. Can any body tell me what is best way to get knowledge abt it. I am very poor in understanding financial terms and taxes. bUt still i want to start with something so that tommorow i could know how to save my my own money.
Thanks for you opinions.
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Start here:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/lrn-tx/menu-eng.html
The above is beginner reading.
Depending on how complex your tax situation is, you may have to read and research further.
Read the personal income tax handbook that you would have received from CRA in Jan as well.
Also read further here:
http://www.taxtips.ca/
Once you understand the various schedules, sections, columns, etc. and want to fill out your tax return yourself, you can use a tool like Studio Tax.
It is a tax software but is different from Quick Tax, UFile, etc. because it navigates you through the actual forms, schedules, etc.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I have been using Taxtron for a long time now. The best part about them is good customer service. You could call them and they will guide you as to what to claim where. When I started using it I had zero knowledge of the tax system here but it was worth it. You could download free version, plug in all your data and see how much return or how much you need to pay. You can compare somewhere else. The best part is you do not pay a penny until you actually complete your efile.
I totally hate doing taxes and dealing with RRSP investments.
On the other hand I think doing taxes is not difficult (using some tax software). However I am not sure if I am missing out on some extra money in tax returns.
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