TurboTax

Years ago, as an up and coming young professional living in the heart of Toronto, I was living pay cheque to pay cheque.  The moment my tax refund arrived at the door (or should I say, via direct deposit), I would use it responsibly towards paying off any outstanding debt or saving it up for my next big expense. Now that I’m more flexible with my finances, it’s nice to have the option of spending my tax refund on something more creative and investable rather than using it to manage debt and expense.

With the deadline to file for taxes approaching in just a few days (deadline for personal income tax filing is May 1, 2017), I’ve curated this list of creative ideas on putting your tax return to good use.

As I was getting ready for tax season in February, I shared some stats and tips on keeping cool during these seemingly stressful months. I’ve found that if you’re organized and informed, doing your taxes can be a breeze!

When it comes to personal income taxes, people typically fit into two categories. Either you are a salaried employee or you’re a self-employed freelancer/entrepreneur. However, like myself, many of us are a hybrid of the two – that means you’ve got a full-time gig and earning income from your ‘passion project’.

When you’re a hybrid freelancer, what does this mean when it comes to filing your taxes and what may you need to be aware of?

It’s been some time since I shared my thoughts and advice from my desk, and with tax season fast approaching, I’ve partnered with TurboTax on sharing a three-part series on how to ace and gain the most from this tax season!

I started to receive stacks of tax receipts and related mail over the last couple of weeks and couldn’t help but to think, who actually enjoys sorting out paperwork and doing their taxes?!

Well the truth is, Canadians are actually early birds when it comes to filing their own taxes, with 80% doing their taxes as soon as they have all their paperwork in order! You wonder why there may be such eager beavers out there? That’s because nearly two thirds of us are expecting to receive a tax refund this year! Which means we’re able to pay down our debts/loans (36%), tuck it away for a rainy day (32%) or put some aside for RRSPs (11%)! And, for some of us, perhaps a little shopping spree (5%)?