![]() This would be a good fit for the first time Airbnb host renting property in cottage country, or for someone that started an online side hustle selling products or courses. You can search for industry specific deductions, and the service covers income and expenses from ride sharing, online sales, consulting, real estate, and more. There’s TurboTax Assist & Review Self-Employed, which gives you tax advice and a final line-by-line review from a tax expert to ensure you get every deduction you qualify for and that your taxes are filed correctly. ![]() Some returns are more complex, such as those involving donations, medical expenses, investment income and expenses, rental property income and expenses, and self-employed income and expenses. This return includes employment income, pension income, tips, RRSP contributions, childcare expenses, and even COVID-19 benefits and re-payments. In fact, you can file a simple tax return for $0 using TurboTax Free. Online software has come a long way and there are options for every tax filer. TurboTax has an ever-evolving suite of products to not only help the basic T4 employee file their taxes, but also assist the growing complexities of the self-employed, the stock and crypto traders, the short-term rental owners, and more. Will you be in a position for a refund, or will you owe money? Armed with that knowledge you can use the first 60 days of the calendar year to potentially make an RRSP contribution and reduce your taxes owing (RRSP deadline is March 1st). Use tax software to prepare your taxes for filing and gauge your tax situation. I don’t file taxes for my clients, but I do encourage them to prepare their taxes early using what I call a “ first 60 days” assessment. If any of these stories sound familiar, you know that your tax situation will likely look very different this year. Speaking of the stock market, many people got caught up trading stocks and cryptocurrencies, or they borrowed money to invest in their taxable investment accounts and now must deal with capital gains, losses, and calculate the adjusted cost base on their investments for the first time. Another received stock options for the very first time. Several have left their careers behind to start their own businesses. One bought an investment property in cottage country and turned it into a short-term rental. Another works in an industry making plexiglass barriers and had a record year, collecting a fat bonus. One client works in air transportation and had been sidelined collecting CERB and CRB to stay afloat. In my financial planning practice, I’ve seen the good, bad, and complicated ways that the pandemic has impacted the financial lives of Canadians. This is a sponsored post written by me on behalf of TurboTax Canada.
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