I hate to say it but tax season is coming up and if you're not ready yet, then here's a great opportunity to save some money on tax software. To help you do just that, we have secured a 15% discount for you to save on online editions of TurboTax by Intuit.
Every year, I tell myself that this year will be the year that I do my own taxes and every year, I end up waiting until the last second, thus falling into panic mode and then submitting all of my tax papers to an accountant.
This year, however, I really am considering cracking down on learning how to do it, especially since I have heard extremely positive feedback about TurboTax's software. Heck, just the fact that their personal tax software over 17,000 reviews with a general consensus of 4.5/5 stars is reassuring enough. Here's what one reviewer had to say about Turbo Tax:
This is the first time I have filed online and I found Turbo Tax easy to use. I did returns for me, my wife and three students in an afternoon.
It's accurate and up to date with the most recent law changes but the biggest reason as to why I'm thinking of filing them myself this year is because of the new Family Tax Cut.
Back at the end of October 2014, Stephen Harper announced a "family tax cut" as he labelled it, which is essentially a non-refundable tax cut that allows one spouse to transfer up to $50,000 of taxable income to a spouse within a lower tax bracket for a tax credit of up to $2,000. With it, also come the following changes:
- Child care deduction limit under age of 7: from $7,000 to $8,000
- Child care deduction limit from 7-16 year old: from $4,000 to $5,000
- Disability tax credit for eligible children: from $10,000 to $11,000
- Universal Child Care benefit for a child under 6: from $100 to $160 per month
- Universal Child Care Benefit for a child between 6-17 years old: from $0 to $60
Of course, the family tax cut doesn't apply to all Canadian families but it's still a nice relief for those who do qualify. For more information, check out Simple Tax's article "Making sense of the family cut", which lists a couple of scenarios and the kind of tax credit parents could expect to receive.
With this in mind, it's definitely reassuring that TurboTax is up-to-date with regards to the new Family Tax Cut. Not only that, but it is also designed to optimize RRSP contributions and reduce tax owed by splitting the pension income with a partner.
With regards to TurboTax's personal tax software, here is a breakdown of the prices that you can expect to see with the 15% discount:
- Standard: reg. $17.99/ now $15.29
- Premier with guidance: reg. $34.99/ now $29.74
- Home & business: reg. $49.99/ now $42.49
TurboTax software is also available for businesses, family (with 20 returns) or CRA Audit Defence.
(Image Credit: Canadian Pacific)
(Expiry: 31st January 2015 9th February 2015)
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