Personal Finance

Do you do your taxes yourself?

  • Last Updated:
  • Mar 23rd, 2017 2:39 pm
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[OP]
Sr. Member
Apr 21, 2009
826 posts
250 upvotes
Toronto

Do you do your taxes yourself?

I've always gone to one of those guys that do taxes to get mine done, but I've been looking into doing it myself and it seems fairly easy considering all the DIY software that exists for taxes now-days, like UFILE.

I spoke to some ppl I know about it and their general ruling was tax accountants typically know better methods to maximize your return,

Thoughts?
58 replies
Deal Fanatic
Aug 14, 2007
7783 posts
494 upvotes
Toronto
BengaliPrince wrote:
Mar 13th, 2017 6:45 pm
I've always gone to one of those guys that do taxes to get mine done, but I've been looking into doing it myself and it seems fairly easy considering all the DIY software that exists for taxes now-days, like UFILE.

I spoke to some ppl I know about it and their general ruling was tax accountants typically know better methods to maximize your return,

Thoughts?
If you're doing a basic return use www.simpletax.ca

I used to go to H&R Block but they charge so much and simpletax makes it very easy.
Member
Dec 26, 2013
279 posts
58 upvotes
^ this, simpletax is free, switched over from turbotax this year. There is nothing else HR could get you that these programs won't, if your doing a simple tax return.
Sr. Member
Jul 28, 2012
787 posts
220 upvotes
Montreal
Once you discover how easy it is to do your own tax returns with the right software, you won't want to go back to hiring an accountant or a tax preparer.

If you gather all of your tax slips, a basic return only takes a few minutes to enter and even less to submit it via Netfile. Here's a checklist provided by SimpleTax:
https://simpletax.ca/files/SimpleTax_Checklist.pdf
[OP]
Sr. Member
Apr 21, 2009
826 posts
250 upvotes
Toronto
Thanks for the suggestions everyone! I went on SimpleTax and can't believe how simple and seamless the process is, most of the data was grabbed automatically from the CRA lol.

For my university t4220a, the total is 6,529.26.

Simpletax says "If you have eligible fees that aren't listed on a slip (e.g., fees for a licensing examination), enter those fees in the “Eligible tuition fees (A)” box in the table."

Do I just add fees for textbooks and stuff to the 6,529.26? Or do I click add new slip and just name the stuff "textbooks" and add the costs of my textbooks like that.

Update: Figured it out https://help.simpletax.ca/questions/textbook-amount
Sr. Member
User avatar
Mar 9, 2012
514 posts
163 upvotes
I'm way too lazy to do them myself. It cost me $71 this year to have them done.
Newbie
Jan 17, 2017
14 posts
7 upvotes
Alberta
I did it myself this year. I used simpletax.
It's so easy to use and it's free.
Sr. Member
Apr 21, 2014
899 posts
189 upvotes
Alberta
Unless you own a business there is no point going to an accountant for it. It's just data entry at that point.

Btw I am an accountant
[OP]
Sr. Member
Apr 21, 2009
826 posts
250 upvotes
Toronto
Simple tax says I have roughly 20.5K unused Federal credits and 19.2k Unused provincial credits available to claim on next year's tax return.

What are those? :confused:

Am I going to be able to cash those credits out eventually?

I'm a 4th year university student graduating April 2018 if that helps
Sr. Member
Oct 11, 2010
803 posts
211 upvotes
Charlottetown
If you have a T4 you can literally do it in 2 minutes for free it's stupid not to really. All it takes it entering a few numbers from a few boxes and answering a few questions
[OP]
Sr. Member
Apr 21, 2009
826 posts
250 upvotes
Toronto
jfall wrote:
Mar 13th, 2017 8:04 pm
If you have a T4 you can literally do it in 2 minutes for free it's stupid not to really. All it takes it entering a few numbers from a few boxes and answering a few questions
Yeah I have all mine filled out, it was so darn easy lol, about to submit, currently researching about what federal / provincial credits are and what to do with them.
Deal Expert
User avatar
Jan 27, 2004
35642 posts
1930 upvotes
Toronto
There's so many great tax programs! Makes it super easy...
Turbo tax is a favourite of mine. I used to do my taxes with paper forms (because thats what I was taught by my bro's growing up...) But when I discovered turbo tax? Wow ez.
Deal Addict
Aug 19, 2013
2300 posts
867 upvotes
BengaliPrince wrote:
Mar 13th, 2017 7:56 pm
Simple tax says I have roughly 20.5K unused Federal credits and 19.2k Unused provincial credits available to claim on next year's tax return.

What are those? :confused:

Am I going to be able to cash those credits out eventually?

I'm a 4th year university student graduating April 2018 if that helps
You can deduct unused education credits on future returns. So when your done school and begin working you will get to deduct these amount.
Deal Addict
User avatar
Sep 4, 2005
2461 posts
350 upvotes
Toronto
Studio Tax is nice.
http://www.studiotax.com/en/

It's free and a downloadable program. My friend told me about Simple Tax this year. I'm iffy about online only tax applications unless you're able to do the PDF full printout. In 6 or 7 years if the CRA asks you to pull up your tax file and simple tax is gone, then what? So it's nice to keep the install files for simple tax.
[OP]
Sr. Member
Apr 21, 2009
826 posts
250 upvotes
Toronto
Momof3cuties wrote:
Mar 13th, 2017 8:17 pm
You can deduct unused education credits on future returns. So when your done school and begin working you will get to deduct these amount.
Awesome thanks!.

If only websites could explain it how simply you explained it.
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