Category Archives: TurboTax Canada

Taxes Become More of A Networking Opportunity For Small Business

Every year millions of people scramble to do their taxes, and companies have been noticing a swell of people that want to go online to get things done. That’s where companies like Turbotax Online, and others have come together to connect those millions of people that have been using their line of products, with others that are like minded. From gathering in a connection setting like “QuickBooks Connect”, to other meet ups and information that is getting people together, the notion of taxes has never been more social than ever.

Decades of Connecting Small Business With Tax Help

QuickBooks - Networking Opportunity For Small Business

QuickBooks (Photo credit: Wikipedia)

No matter what the size of your company is, taxes are a big matter. This becomes obvious when you’re pushing forward as an entrepreneur. Entrepreneurs, small businesses, and accountants are not alone, and that’s why more social, networking events are being held. These vents, attract a great deal of people from all sorts of industries, and the main goal is to connect everyone into a far easier tax filing ideology. It’s at these types of events, that all walks of life, backgrounds, industries, and more find news on the latest software releases, and so much more.

The Move To Online

Looking at how taxes have changed in the past 20 years, you will find that there are a variety of different changes that have come through for the better. If you haven’t used Turbotax Online just yet, you will definitely be connecting in the near future. From developers to entrepreneurs, more and more people are using online solutions and learning about the latest tax incentives, laws and more through online means and social events like “QuickBooks Connect”, and it’s going to be a mainstay year to year.

Whether you have been doing things the old way, or you have adopted a new path towards doing your taxes, there’s nothing quite like knowing that technology is right there to help you get the most out of filing quarterly, and even annual returns. As more people get together to discuss changes, and build a broader network of clients, colleagues, and more, you’ll find that greatness abounds.

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Does Your Corporation Qualify For A Small Business Deduction?

The small business deduction is one of the most advantageous income tax benefits for company owners in Canada. The deduction lowers the amount of the Part 1 tax otherwise required of business owners. As of the first of January, adjusted tax rates allow a small corporation to qualify at the tax rate of 4.5% in the province of Ontario. Others will still need to pay the standard tax rate of 11.5%. Owners of Canadian businesses are encouraged to examine the tax guidelines to see if they qualify for this lower rate. A useful tool for this purpose is TurboTax Canada.

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The Canada Tax Agency has released a chart detailing the varying rates of corporate taxes for different types of businesses. Data is listed for all provinces except Quebec and Alberta, which are exempt from corporate taxes. To qualify for this lower rate, Canadian companies need to meet certain criteria. Each needs to be a Canadian-controlled private company and must meet all the rules set forth in the T4012-T2 Corporate Tax Guide. Each corporation needs to have been incorporated in Canada after the first of June 1971 and must operate fully in the country for all of the given tax year. The CEO of each corporation must also be a full-time Canadian resident. Shares of each qualifying corporation must also not be traded in overseas stock exchanges.

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Voting For Big Game’s Final Four In Last Days

Voting For Big Game’s Final Four In Last Days

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The clock is ticking, the game is almost over, and it is down to the final four. People around the world are in the final days of selecting the winner of Intuit’s Small Business Big Game competition. On Feb. 2, 2014, Intuit, the home company of TurboTax Canada, will make one small business a star in the biggest commercial game of the year.

Having an opportunity for its chance in the spotlight on Super Bowl Sunday are Barley Labs of Durham, North Carolina; Dairy Poop of Nampa, Idaho; GoldieBlox of Oakland, California; and Locally Laid Egg Company of Duluth, Minnesota. The four were among the thousands of small companies who entered the competition. The thousands were narrowed to 20, then to four. A worldwide vote determines which small business has an unprecedented opportunity for success. One vote per person per day will give one small business a chance at huge success.

TurboTax Canada

Super Bowl Tourney1 (Photo credit: Wikipedia)

Intuit and TurboTax Canada are awarding a prime 30-second commercial during the Super Bowl to the contest’s winner. The worldwide voting is in its final days, and four lucky small businesses are in the position to win big with Intuit and TurboTax Canada. Voting ends at 11:59 p.m. PST on Dec. 1.

The winner will receive a professionally produced 30-second television commercial during the biggest game of the year with TurboTax Canada and Intuit paying for the advertisement as well as purchasing the commercial time during the game. Voting is at . Small businesses are the heart and strength of the worldwide economy. Intuit, TurboTax Canada and voters are giving one small business a very big chance. You can get in on the game.

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Bank of Canada flags debt concerns and dissuades consumers from taking on more debt

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According to a recent study initiated by Sun Life, 65% of 1299 people surveyed in Canada, weren’t happy with the way they were handling their personal finances in the year 2012. Among them, 25% wished to do something about it and rest had adopted a strongly pessimistic approach towards their debts. With the gaining momentum of the firms that helped people negotiate their multiple liabilities and the prospects of gaining a fresh financial life through bankruptcy, the Canadians have become too lackadaisical about their soaring debt obligations. Ignoring such problems will gradually affect your mental and personal health and you might even lose your peace of mind. If you’re already scared by the shocking statistics on the soaring Canadian debt, you should read on the concerns of this article in order to know the ways in which you can tackle your debt load head on.

 

Sun Life Financial

Sun Life Financial (Photo credit: Wikipedia)

Warnings from the Bank of Canada is finally being paid heed to

Yes, according to reports, Canadians are finally paying enough heed to the warnings issued by the Bank of Canada to lower their personal debt ceiling. The number of Canadians with monthly loan payments that were delinquent for 3 months dropped to 2%, a record low level in the last quarter of 2012. The median credit balance dropped by 3.47% compared to the same time during the last quarter. If you’re getting dunning notices from your creditors who are warning you about the rising credit card debt defaults, here are some steps that you can take.

  • Figure out the debt load and the net worth: The first thing that you need to figure out is how deep the debt hole is. You can create a monthly budget through which you can see where your money is going and what kind of adjustments you can make. See the amount that you’re presently paying on your debt and the payments with which you can get out of debt sooner.

  • Set a financial goal: Although it might be intimidating to figure out the total debt load, you should then set up a financial goal step by step. You can either set up the debt snowball or the debt avalanche method in order to tackle the amount with the high interest rate. Whichever method you choose, you can easily come up with a better repayment plan that can facilitate debt repayment.

  • Stop taking on more debt: The Canadians love the habit of taking on more and more debt when they’re already drowning in a sea of debt. If you don’t want to go through the hassles of bragging with the debt negotiation companies about settling their debt obligations. You should lock in your credit cards at home so that you can easily be able to use cash instead of credit when you’re out for shopping.

  • Negotiate with your creditors: You should negotiate with your creditors when you’re in doubt about getting out of debt through the DIY steps. The creditors often help you with the exact steps through which you can repay your debt obligations. They can even put you on a hardship plan through which you can repay without having to fall back on other debt obligations.

Therefore, keeping in mind the strength of Canada’s economy, you can easily be able to determine the amount of consumer spending that is required for business investment. Choose to take the above mentioned steps so that you can easily get back on the right financial track.

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The Benefits Of Filing Your Taxes With TurboTax 2013 Or TaxBrain

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Filing Your Taxes With TurboTax 2013 Or TaxBrain

If you have previously filed your taxes by going to a CPA, you really need to look into online software like TurboTax 2013 or TaxBrain. You will find that there are a number of advantages to using a software program that a CPA cannot provide. In fact, in the modern day, more and more Canadians are starting to use preparation software because it gives them the experience that they desire.

TurboTax

TurboTax (Photo credit: MrGuilt)

No CPA Fees
To start with, TurboTax 2013 and TaxBrain are not going to charge you fees just to do your taxes. Even software that is not free is often less expensive than hiring someone to do it for you, and free software is the best deal of all. If you are tired of the cost of a CPA meaning that your return is not as big as you wanted it to be, these programs are the ideal solution.

Simple Layouts
Both TurboTax 2013 and TaxBrain are better than getting the paperwork yourself because they are much easier to understand. They were created with very basic structures. Instead of having to figure out what to input, you are generally asked a series of questions. As long as you answer them, your information will then be copied over to the forms for the government. You do not need to have any experience, and you certainly do not need a degree in tax law.

Saving as You Go
Another benefit of TurboTax 2013 or TaxBrain is that you can save your progress as you go. If you want to start your taxes tonight, you do not have to finish them tonight. You can simply save what you have done to your account. The next time that you log on, all of your information will still be intact. You could even work on the taxes for just fifteen minutes a day, breaking the whole process up so that it is not nearly so overwhelming. Furthermore, this protects all of the time that you have put in if your computer crashes, as long as you save periodically while you work.

Filing for Free
Finally, the major benefit of a program like TurboTax 2013 or TaxBrain is that you can electronically file all of your paperwork with the government. In many cases, this is entirely free. It does not even cost you the postage that it would take to mail the documents in if you had printed them off and filled them out. Furthermore, electronic filing is incredibly fast, so you can get your return as soon as possible. This is one of the most secure ways to send in the paperwork, and you never have to worry about all of the documents getting lost in transit.

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Canadian Income Tax Filing Made Easy

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Canadian Income Tax Filing Made Easy

In recent years, the Canada Revenue Agency (CRA) has been expanding the methods available for you to file your income taxes. As the digital revolution continues, the agency has focused much of its energy on developing online filing methods. However, traditional means are still available to facilitate your Canada income tax filing.

Online

Accountants' Office

Accountants’ Office (Photo credit: RobW_)

The CRA has established NETFILE as an online option for filing your Canadian tax return. The CRA has certified the commercial software and the Web application of the program. Also, there exists a number of free software applications for use with NETFILE.

Digital Service Provider

You may employ a service provider to submit your taxes online with the EFILE program to prepare you return. After completing your return, take your forms to a digital service provider to file online for free. This digital platform traditionally results in your return being processed quickly.

Mail

Regardless of the nature of your return, every tax filer in Canada has the option of submitting his or her return by post. Simply complete the required forms, and place them in the mail for the cost of a stamp.

Professional Accountant

If your taxes are complex, if you own a business, or you just don’t feel confident about completing your income tax returns on your own, you may hire an accountant to prepare your taxes.

Whether you are a small business owner who doesn’t have the time to complete your returns or you like the convenience of the Internet, there is an option for you to successfully file your Canadian tax return.

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