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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.

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

Comments on this entry are closed.

  • Avatar Canadian Capitalist March 20, 2009, 8:19 am

    Thanks for the mention FT! Have a great weekend!

  • Avatar Kirk S. March 20, 2009, 9:06 am

    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!

  • Avatar Four Pillars March 20, 2009, 9:13 am

    Thanks for the link!

  • Avatar RI March 20, 2009, 9:14 am

    It’s almost time to file tax return. Wish everyone good luck!

  • Avatar Michael James March 20, 2009, 9:20 am

    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.

  • Avatar Mark March 20, 2009, 9:52 am

    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.

  • Avatar joel March 20, 2009, 10:32 am

    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

  • Avatar Aman@BullsBattleBears March 20, 2009, 10:39 am

    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!).

  • Avatar Sampson March 20, 2009, 10:40 am

    Hire a Pro! – or get a relative who has a CA to them them for you. ;)

  • Avatar Mark March 20, 2009, 11:06 am

    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 :)

  • Avatar Josee Guindon March 20, 2009, 12:32 pm

    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.

  • Avatar chris March 20, 2009, 1:08 pm

    best tax tip: dont leave it till the last minute

  • Avatar Matt March 20, 2009, 2:25 pm

    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%.

  • Avatar Erick March 20, 2009, 2:51 pm

    Make sure the spouse with the highest income claims the charitable donations made by both.

  • Avatar KP March 20, 2009, 3:26 pm

    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.

  • Avatar Nurseb911 March 20, 2009, 3:27 pm

    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.

  • Avatar CanadianFinance March 20, 2009, 4:32 pm

    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

  • Avatar Kelly March 20, 2009, 4:51 pm

    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!

  • Avatar john in kitchener March 20, 2009, 9:47 pm

    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.

  • Avatar Daniel March 21, 2009, 12:57 am

    Tip: Photocopy your receipts (unless you want blank scraps of paper 8 months later).

  • Avatar Dropby March 21, 2009, 1:22 am

    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.

  • Avatar Deborah March 21, 2009, 11:07 am

    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!

  • Avatar Peter B March 21, 2009, 1:05 pm

    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!

  • Avatar MultifolDream$ March 21, 2009, 11:19 pm

    Buy a software package and DIY. You will save money and learn a lot about taxes.

  • Avatar Patrick March 22, 2009, 12:34 am

    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.

  • Avatar BC Dhawan March 22, 2009, 1:39 am

    Invest Bonds, GIC in TFSA and RRSPaccounts and Canadian dividend paying stocks in unregistered account.

  • Avatar kim-information exchange March 22, 2009, 11:52 am

    Just want to say that I find your post really informative and the anchor links are very relevant too. Thanks for sharing this.

  • Avatar Mutazalzaluzzaman Tarar March 22, 2009, 2:56 pm

    My tip: remember to detect interest expenses used to earn interest income…

  • Avatar ldk March 22, 2009, 3:42 pm

    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!!)

  • Avatar Matt March 22, 2009, 4:20 pm

    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.