Posted 4.5.13 @ 12:20 by: Staff

If you’re part of Canada’s better half that likes doing their taxes, you’re not alone. A recent study showed that about half of all Canadians liked filing their returns each year, a startling contrast with what we normally think of when taxes come due. The highest source of happy tax filers is actually the Greater Toronto Area – but it could just be due to the fact that so many are getting tax refunds. Either way, it’s a little refreshing. Here we’re going to go over some of the stats and see what people are using their returns on this year.

Strange Deductions

The same study noted some strange deductions Canadians were trying to take on their taxes. Among these were rhubarb seeds, guard dogs, fitness equipment, and even marriage licenses – it just goes to show that we’re ingenuitive when we need to be.

Tax Software Makes Filing a Snap

If you ever had to do taxes before the millennium, you know how painful it was trying to file your taxes with pen and paper – the epic struggle with a shoebox filled to the brim with receipts - trying to figure out deductions that you could take without getting audited. It wasn’t all that fun, but with tax software everything is changed. Instead of trying to locate the right forms, you can choose from a drop-down list that makes filing your taxes a snap.

Should You Use Tax Software?

But if you have a small business, or are self-employed, tax software can do more harm than it helps. Sometimes you’re just better off working with a tax professional instead of relying on software.

It all comes down to all forms used to file your taxes; if you just have some simple forms from your employer, tax software may be the best option for you. But if you’re dealing with sales tax, special business deductions, or anything else that’s out of the ordinary you’re going to want to work with tax professional.

What Are People Using Their Tax Refund On?

24% of Canadians report they’re planning to use their income tax return pay off debts; but others are planning to put it towards down payment on a home, or home improvement.

But what are you planning use your tax refund on? Planning on buying a new home? Putting money toward putting up your home for sale? Buying your daughter this awful white jeans she’s been asking for?

Are You Part of the Happy 46%?

With 46% of people in the GTA happy to file their taxes, where do you land?

Join the conversation: What’s the strangest thing you’ve ever tried to deduct from your taxes?

Tax time can be great, but it can also be a pain. We can’t help you save on your tax bill this year, but if you’re considering buying Oakville luxury real estate, let us help! Give us a call today and see what we can do for you.

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