I finished my taxes last Sunday. Right on time To my surprise, I got a much higher tax refund than I expected. It turns out that I had not included my spouse deduction during the year (and I have for this year) so I got the deduction at the end and the new arts and craft deductions were a nice addition. Obviously, I ended up doing it at the last minute but not because I am a procrastinator. I usually need to wait until I have all documents and I try to get it done mid-April but never before as I need to wait to receive all the T5 forms for dividends.
Doing Your Taxes
Filling your income tax as an individual is usually pretty simple. I have been using Turbo Tax (previously Quick Tax) for a number of years and it’s simply a matter of filling in the boxes from your T4 and T5s. For your non-registered investments, it’s important to track your capital gains and losses. I have provided an investment spreadsheet to help out with capital gains tracking for those interested. I also take into account the $CDN and $US dollar conversion. I have to handle that since my stock benefit is all in $US.
Putting Your Tax Return At Work
I am still waiting for my refund to be deposited but I can admit that I am upgrading my Mac Mini to a 27″ iMac. I initially thought I would receive less than $1,000 and I said that if I get more, I am upgrading the computer. I am getting over $3,000! The iMac is a given and the remainder will be invested somehow. I am debating between RESP or RRSP. I have neglected the RESP for a little while …
Some weekend reading to share …
- Boomer & Echo with ‘Beat Inflation with Rising Dividends‘
- Beating The Index with ‘Portfolio Update: April 2012‘
- Canadian Finance Blog with ‘Are You Still Paying Bank Fees‘
- Dividend Ninja with ‘IGM Financial Versus CIX and AGF‘
- Dividend Monk with ‘Canadian National Railway: $65 a share is Fair Value‘
- Finance Fox with ‘Money Will Change You‘
- Freedom 35 with ‘Median and Average Net Worth‘
- Invest It Wisely with ‘How To Register A Canadian Corporation‘
- My Own Advisor with ‘Why We Want a $10,000 Emergency Fund‘
- Retire Happy Blog with ‘Financial Stages of Life‘
Have a nice weekend!