Another QuickTax Giveaway and Weekend Links
Another QuickTax Giveaway
It just so happens that I have one more copy of QuickTax online to giveaway. Are you interested? If so leave a comment with your best tax tip and I’ll choose a winner Sunday evening (5pm EST).
Weekend Links
Five Cent Nickel tells us about Living Above Your Means: Thoughts from the High Seas
Lazy Man and Money has some thoughts on giving a lasting gift to a baby.
Canadian Capitalist has a great explanation about how selling puts isn’t “money for nothing”.
The Digerati Life lists Dave Ramsey’s baby steps to financial success.
Stock Trading to Go hosted the Carnival of Personal Finance. We submitted the cost of dog ownership.
Four Pillars writes about using margin to lower trading costs.
Generation X Finance lists 20 free online finance courses.
Canadian Dream tells us about a semi-retirement scenario.
The Sun’s Financial Diary asks should gold be part of your portfolio?
Thicken my Wallet asks if you would invest in twitter. Speaking of which, you can follow me on twitter here.
Frugal Dad has a great article on household budgeting on $800 per year.
Where Does All My Money Go shows us the relationship between the social world and the financial world.
Money Smart Life has a frugal tip to try… don’t flush the toilet!
Canadian Financial Stuff cautions us against buying the model home.
Michael James on Money explains the frictional costs of trading options.
My Dollar Plan gives us a 6 month update after leaving her job.
Triaging my Way To Financial Success has written a detailed analysis of Pfizer.
Brip Blap shows us how to stick to a decision.
Giveaway closed.
30 Comments, Comment or Ping
1. Canadian Capitalist
Thanks for the mention FT! Have a great weekend!
Mar 20th, 2009 @ 8:19 am
2. Kirk S.
As an aside FT, my favourite regular occurrence on your blog (other than your monthly net worth) is the links that you provide for us for weekend reading! Keep it up please!
Mar 20th, 2009 @ 9:06 am
3. Four Pillars
Thanks for the link!
Mar 20th, 2009 @ 9:13 am
4. RI
It’s almost time to file tax return. Wish everyone good luck!
Mar 20th, 2009 @ 9:14 am
5. Michael James
Thanks for the mention. I’ve already filed my taxes and don’t need the free copy of QuickTax Online, but my best tax tip is to fill out your taxes honestly and sleep well at night. The CRA and IRS are powerful organizations that can make your life miserable.
Mar 20th, 2009 @ 9:20 am
6. Mark
My tip?
Be organised. One folder for all of you ‘important papers’ doesn’t cut it. Firstly, each year needs it’s own section, then taxes need a section, and so do things like insurance, & mortgage. In taxes separate stocks & dividends from pay stubs, RRSPs, and also from donations, and anything that you can write off.
Mar 20th, 2009 @ 9:52 am
7. joel
My tip is to file as soon as you can if you are getting a refund…. that way you can have the money in your hands and get it some more RRSPs for next year so that you can buy low and get some tax credis
Mar 20th, 2009 @ 10:32 am
8. Aman@BullsBattleBears
Income or no income, always file your taxes. Most people that I knew with zero income (e.g. students) thought they would get nothing back. Showed them how to file for free at local libraries and watched them get their GST refunds (which is still money back!).
Mar 20th, 2009 @ 10:39 am
9. Sampson
Hire a Pro! – or get a relative who has a CA to them them for you. ;)
Mar 20th, 2009 @ 10:40 am
10. Mark
I think I’d like to bring a twist to the comments we’re reading… why pay taxes? why file your yearly report? I’ve always despised paying taxes, whatever the amount.
A few years back, a professor of mine told me something that has become even more true today (mostly in the USA), he told me that paying taxes was like taking care of your children. Putting money aside (pay taxes) to make sure that he could go to college, get medical attention, etc…
The way he put it made me think that, (although its not a popular view in the USA these days), paying our taxes in our socialist way in Canada, helped us better the world we live in.
It may not be the best way to look at it but I figured that it helped alleviate the pain of seeing my money leave my pocket :)
Mar 20th, 2009 @ 11:06 am
11. Josee Guindon
I believe that hiring an accountant who you know and trust can be the best way to ensure that you get your taxes done right.
Mar 20th, 2009 @ 12:32 pm
12. chris
best tax tip: dont leave it till the last minute
Mar 20th, 2009 @ 1:08 pm
13. Matt
Combine the tax credits with immediate family. For example, if you spend $2000 on home renovations this year, effective tax credit is 7.5%. Suppose someone you know is also spending $2000 then claim it as $4000 instead 2x$2000 (ofcourse with proper receipts). This way effective tax credit for both families will be 11.25% instead of 7.5%.
Mar 20th, 2009 @ 2:25 pm
14. Erick
Make sure the spouse with the highest income claims the charitable donations made by both.
Mar 20th, 2009 @ 2:51 pm
15. KP
Investing in company 401k is worthless if the only choices you have is limited funds – only contribute to match company’s contribution – don’t contribute much to save tax since it’s worthless.
Mar 20th, 2009 @ 3:26 pm
16. Nurseb911
Thanks for the link MDJ!
My tax tip would be to make sure you keep items & information organized throughout the year. Trying to find past returns, T4’s, investment gains and other items at the last minute can cause a high level of stress. Keeping everything in a file folder organized by tax year (2009, 2008, etc) is very helpful when you try to locate forms or documents that you need at tax time.
Mar 20th, 2009 @ 3:27 pm
17. CanadianFinance
Best Tax Tip – Get your tax refund in advance by filing a T1213 or TD1. Basically, if you know you’re getting the refund (like with RRSP contributions), then why give that money to the government in the first place?
I wrote more about this last month…
http://canadianfinanceblog.com/2009/02/23/tax-refunds-are-a-bad-thing.htm
Mar 20th, 2009 @ 4:32 pm
18. Kelly
Learn how to do your own, whether it be manually or online (persons with businesses or complicated returns my not want to take this advice).
My mom taught me when I was in college & I’ve never paid a cent to anyone else to do my taxes. Plus, I gained a better understanding of how taxes work.
My husband used to pay someone every year till we were married. They made more mistakes than I have in the 5 years I’ve been doing his!
Mar 20th, 2009 @ 4:51 pm
19. john in kitchener
My best tip if you are self-employed is to pay your spouse a reasonable amount for bookkeeping, etc. Pay the quarterly CPP and minimum income tax, opt out of EI payments and drop down within, or below your current tax bracket. It will result in the same amount of income into the household but with a considerable tax savings. Combining this approach with a dividend income stream can make a nice life out of moderate income.
Thanks.
Mar 20th, 2009 @ 9:47 pm
20. Daniel
Tip: Photocopy your receipts (unless you want blank scraps of paper 8 months later).
Mar 21st, 2009 @ 12:57 am
21. Dropby
Continue to contribute to rrsp to get the tax free investment growth but wait to claim the tax benefit next year if you are sure you will have higher income then. I will use this strategy as I will have much higher income after I finish maternity leave and go back to work.
Mar 21st, 2009 @ 1:22 am
22. Deborah
I don’t prefer using just folders. I put all my forms and receipts for each year in ziplock bags with labels made of just masking tape (with a Sharpie pen). Prevents those little pieces of paper from flying anywhere mysterious!
Mar 21st, 2009 @ 11:07 am
23. Peter B
Have a medical benefits plan at the company you work for?
Make sure to keep your last pay stub for the year and deduct your health and dental insurance premiums as medical expenses.
Don’t forget to include the deductible and the 20-25% that is not reimbursed buy the insurance company to your medical expenses.
Since medical expenses occur throughout the year as a lot of the other posters have mentioned, keep organized!
Mar 21st, 2009 @ 1:05 pm
24. MultifolDream$
Buy a software package and DIY. You will save money and learn a lot about taxes.
Mar 21st, 2009 @ 11:19 pm
25. Patrick
Try to do your own taxes at least once in your life. You learn a whole lot and it helps you to see another part of the financial planning picture.
Mar 22nd, 2009 @ 12:34 am
26. BC Dhawan
Invest Bonds, GIC in TFSA and RRSPaccounts and Canadian dividend paying stocks in unregistered account.
Mar 22nd, 2009 @ 1:39 am
27. kim-information exchange
Just want to say that I find your post really informative and the anchor links are very relevant too. Thanks for sharing this.
Mar 22nd, 2009 @ 11:52 am
28. Mutazalzaluzzaman Tarar
My tip: remember to detect interest expenses used to earn interest income…
Mar 22nd, 2009 @ 2:56 pm
29. ldk
Best tip: Pay attention…like everything else in life, if you don’t know the rules, you can’t play the game…all sorts of things qualify for tax deductions–bus passes, soccer registration, medical expenses, etc. etc. Claim everything you are legally entitled to. (This year, start an envelope for home improvement expense receipts!!)
Mar 22nd, 2009 @ 3:42 pm
30. Matt
My tax tip is to ask lots of questions when you don’t know what you are doing. The guys a CRA are nicer then you think.
Mar 22nd, 2009 @ 4:20 pm
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