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Tag: Tax Return

TY15 TurboTax Canada Peak Times For The Tax Season Canada 2016

TY15 TurboTax Canada Peak Times For The Tax Season Canada 2016The tax rules have been getting federal income tax rate higher for the Canadians making income over $200,000 in year 2016, the new tax bracket will not affect people making less than that but there is a need to make a review on their financial plans. Although most of the Canadians will not come under the new tax bracket but it is expected that every tax payers will reduce in their tax-free savings account contribution limit to $5,500.

Usage of online income tax software has been increased in last few years to file and prepare business and personal income tax return in Canada. Income tax preparation software; TurboTax Canada offers one of the best tax software programs that let you easily prepare your taxes by yourself where filing is simple. Turbo Tax Canada claims as the best-selling income tax software today and disclose some of the important information about their program including key dates and peak times in the light of consumers that uses their tax software to prepare and file income tax return online. Below are the TY15 TurboTax Canada peak times that are expected for the tax season Canada 2016.

First peak of the tax season begins mid-February when NETFILE opens and ends in early March.

February 10-15, 2016: First Peak of Tax Season – NEFILE Opens; Customers can file their personal income tax returns directly to the Canada Revenue Agency (CRA) online.

February 28, 2016: T4 Slips Deadline; Canadian T4 tax slips (Statement of Remuneration Paid) are issued by employers by the end of February. The slips detail how much employees were paid during a tax year and the amount of income tax that was deducted. One is used to attach to the Canadian federal tax return, and the other to provincial or territory tax return. T4 slips remind customers it is time to file their taxes.

March 1, 2016: RRSP Deadline; This is the deadline for customers to contribute to their Registered Retirement Savings Plan (RRSP) accounts for the current tax year and reduce the amount of taxes they owe.

April 15-30, 2016: Second Peak of Tax Season; Second peak of tax season occurs in the last two weeks of April as people are hurrying to meet the April 30th deadline

June 15, 2016: Small Business Tax Deadline; CRA tax deadline for self-employed individuals

Financial Consumer Agency of Canada offers up-to-date information on federal income tax; you should visit their site prior to your personal tax deadline and or consult your tax adviser to find out more about your tax brackets and rates and how the new revised rules affect your bottom line. Wishing you Happy New Year! May it turns into happiness, health, financial freedom and the strength to chase your dreams in 2016. The tax season Canada 2016 has begun; TY15 TurboTax Canada peak times and key dates require you to prepare yourself as early as possible for you to prepare and file your tax return with or without the income tax software Canada before the deadline.

Business and personal tax software online and desktop!


RRSP Deadline is Coming! File Your Taxes Before March 1st To Maximize Your Funds

The last week of February is an important week for Tax Payers because of the tax filing spike in Canada is due to the March 1st deadline for RRSP (equivalent to US 401) contributions. During this last week of February, QuickTax sales will typically rise tremendously, due to many taxpayers try to file their taxes before the deadline. I would recommend that you get yourself ready for this special week in advance.

When you’ve worked hard all your life, you deserve a little luxury during retirement. There are intelligent decisions, you can do while you are still working if ensure that relaxation days await you.

The RRSP QuickTax Wizard can help you determine how much to contribute to your RRSP with such ease, it is as if by magic. The tool helps you maximize your RRSP funds and is available for all Canadian taxpayers.

Other factors to consider when making them contributions to an RRSP and complete your tax return:

  • If you think that your income will be more than your spouse when the time comes to retirement, it will be good to consider contributing towards a spousal RRSP. A spousal RRSP now provides income tax savings for you while  allows your spouse of his/her pension request later.
  • If neither you nor your partner earned as much as you could hope for 2009, but expect to earn more in 2010, QuickTax will advise postpone you all or part of your contributions to a deduction for a future when your taxes will be most important year and most valuable of deduction.

Remember, you have less than ten days now to contribute towards your RRSP before the date limit on March 1.  Don’t wait because its a perfect answer to your question how you Maximize Your Funds!

RRSP Deadline is coming! don’t wait and file your taxes now


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