It is tax time. For some this means paying the government a ton of their hard earned cash and for others it means a nice return! Before I share a list of free tax software programs I know and trust I thought I could dig up some Canadian statistics about taxes.
- $11,747 – Total income tax a person with an annual income of $50,000 will pay in Quebec for 2011, the highest regional amount in Canada.
- $500 – Amount families can claim annually in sports and fitness activity fees per child under the age of 16.
- $50.3 billion – Total amount of corporate income taxes collected by federal, provincial and territorial governments in 2009.
- $20,000 — Amount of principal each Canadian could have in tax-free savings accounts (TFSAs) in 2012 without paying a penalty.
It is interesting to know how much money our government is getting from us, it is also good to know what you can claim when it comes time to file. Here is an article by the CRA that shows what you can deduct.
Free Tax Software
There are lots of other programs available if you are willing to pay or have to pay because you have a lot to claim. Most of the free services are for simple and small returns nothing too complex. The best paid one I have tried is H&R. It is reasonably priced and you don't pay until you have prepared your return and are satisfied with the result.
I hope this helps you get your taxes done. It is really simple to do, give it a try before you decide to spend money getting someone else to do it for you.