Last week, we tackled an incredibly important topic that most Canadians will be dealing with over the next two months: taxes.
For most, filing taxes is a dreaded task you're forced to do every year. But a tax return is also a mechanism that can be used to enhance your savings. Making use of deductions, putting the right amount away into an RRSP and claiming tax credits are all great ways to add some money to your bank account every spring.
Unfortunately, many people might be missing out on bigger returns because they're not familiar with all of the above. Others may be spending money on an accountant when they don't need to be.
That's where our series — Tax Week — comes in. We produced five stories that help our readers better understand the filing process. From freelance income to RRSPs, we tackled a variety of topics that you need to know about this tax season.
Here's a look at all five of our stories.
We’ll be the first to admit that RRSPs can be painfully dry and confusing. They’re also one of the most powerful financial tools we have access to. For those Canadians just starting to think about long-term money planning, or even for those well on their way to a comfortable retirement, it’s important to understand the particulars of this popular tax shelter. We hope this article gets you informed — and leaves you amused.
Desirae Odjick of Half Banked writes about how she recently discovered she's "common-law married" in the eyes of the Canada Revenue Agency. The discovery led Odjick to enlist the help of two experts to learn everything there is to know about filing taxes as a couple. This piece runs the whole gamut of joint-filing, from common law to married couples and even the recently divorced. If you're in any of these scenarios, check this one out.
There are a lot of tax breaks out there. Figuring out which ones you're eligible for is no easy task. But we took on the challenge, with the help of senior tax professional Valorie Elgar at H&R Block. This is a comprehensive list aimed at millennials, but many of these tax breaks are also available to Canadians of all ages.
We put out a call to readers to send us any and all questions they had before the May 1 tax deadline. And boy, did we get a lot of questions. To answer all of them, we reached out to financial planner Tahnya Kristina and tax analyst Peky Tsang at TurboTax. Check this one out for some great insights about filing in 2017.
Side hustles are a growing part of the modern economy. From ride-sharing apps like Uber to short-term rental websites like Airbnb, more and more Canadians are making additional income to fund their lifestyles. Our writer and resident tax specialist, Janine Rogan, took on the task of explaining what those making freelance income need to know about filing taxes this year.