This episode is brought to you by UFile. Visit UFile.ca to learn more about how to file your taxes online.
As I mentioned at the beginning of this episode before I launched this podcast one of the topics I hoped to cover down the road was taxes. You may think that taxes are complicated, intimidating, or boring, or maybe you just don’t want to think about them at all.
No matter the case, we all have to do our taxes every year, so we might as well educate ourselves so we can get the best possible tax refund.
I still remember the first year I did my taxes on my own. I used UFile to file online and I was terrified. I had no idea where to start and thought the process would take me a few weeks. Luckily at 24 my finances were very simple and UFile was very easy to use, so it ended up only taking me a few hours.
Since then, I’ve gotten married and my finances have definitely become a lot more complicated. The one big thing that has changed is I’m no longer terrified of doing my taxes. Every year I continue to learn how to optimize filing my taxes, and in this episode, UFile tax specialist Gerry Vittoratos really breaks down the secrets to being a pro-tax filer.
Tips on How to Be a Pro-Tax Filer
Gerry shares a wealth of knowledge in this episode, so here is a simple list of some of his top tips on how to be a pro filer.
- Get organized: Gerry mentions this tip throughout the episode because it can affect your experience and your refund big time. I mention my method of using two boxes to hold receipts and documents for my husband and I, and I highly recommend you implement a similar practice too.
- Scan your documents: Besides having all of your paper documents and receipts in one place, scan them too! Not only is it a great way to digitally archive anything, but this also makes it way easier to search things too.
- Take advantage of medical tax credits: There are a ton of tax credits you can take advance of, but some credits that Gerry mentions most people don’t even think about are medical tax credits. Check out the CRA’s website for all about what you can claim and how to do it.
- Read your tax software guide: If you plan on using tax software like UFile, make sure to read the guide so you can get the most out of it. It sounds so simple, and that’s because it is. So do it!
- Don’t do something stupid with your refund: Getting a big tax refund is only awesome if you don’t blow it on something you’ll regret later on. Don’t be like so many others and waste your tax refund on a vacation. Make the smarter choice and use it to pay down your debt or invest it.
Blog Posts by Gerry Vittoratos
Super Useful Tax Resources
- 5 Surprising Ways You Could Save on Your Taxes this Year
- Tax Preparation Checklist
- UFile Gets a Major Facelift & I’m Giving Away Prizes to Celebrate!
- Top 10 Things You Need to Do Before Filing Your Taxes