Tax Trends that Will Effect You in 2017

Taxes

It is that time of the year again! It is January, and if you have been a reader of Common Cents Mom you know I start talking taxes in January to give you plenty of time to prepare. Again this year, I will be doing my own taxes and have once again agreed to partner with TurboTax Canada to bring you tax tips all tax season long. So what do you need to watch for in 2017?

This year Canadians are faced with a number of changes. Four of the child tax credits parents loved are gone. The tax credit for income splitting has changed dramatically and is now capped at $2,000. The good news is there have also been changes to Employment Insurance and the child tax benefit that are helping many Canadian families.

According to a recent TurboTax national survey, most Canadians are optimistic about their taxes and two-thirds do expect to receive a refund. More than half of Canadians will do their own taxes this year. With that said, it is really easy when using TurboTax.  I have used TurboTax for the past few years and have found it gets me all the money I deserve by automatically checking over 400 potential deductions and credits every year. This means I always get what I deserve guaranteed. You can read more about the guarantees here.

Are you an early bird when it comes to filing your taxes? It seems most Canadians- that is eighty percent file as soon as they have their paperwork ready. Over half of Canadians, say they will file in March but now is the time to prepare.

Did you know many Canadians aren’t taking advantage of all the tax deductions and credits as they should be? Now is the time to make sure you have these documents ready.

  • Only 44% of Canadians will claim medical expenses. Get your receipts in order, you can even ask your pharmacist for a copy of your receipts for the year.
  • Only 40% of Canadians with claim Charitable donations. Any time you give more than $20 to a charity get a receipt as it is a tax deduction.
  • Only 11% plan to claim rental receipts. Every year this helps my return soar here in Ontario.
  • Only 7% claim child care expenses. Save your receipts and have your care giver give the proper receipts.

Now is the time to get ready so you can get the best refund possible. Want to learn more ab0ut getting ready for this year’s tax season. Check out the tax tips section on the TurboTax website. It is filled with great tips that will help you get the best return possible. Also, remember to follow my blog and social this tax season as I bring you more information and tips. I also enjoy checking out the TurboTax blog all season long.

Let me know if you are expecting a refund this year and how you will spend it in the comments. I will be giving away 5 downloadable  TurboTax codes that will see you doing your taxes for free.

 

*Giveaway ends February 28th, 2017 and is open only to Canadian tax filers. 

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