Tax Software Can Help You Calculate Your Tax Return but You Need to Give It All the Information

Tax software can help you calculate your tax return but you need to give it all the information it needs to do the best job for you. UFile tax software can find tax-saving deductions, credits and transfers for you but you need to let the software know what to work with.

The following are items you might miss when preparing your tax return. Each one represents more money in your pocket:

Are you a Public Transit user? Hold on to your weekly or monthly passes and receipts and be sure to claim the Public Transit amount. Remember, this amount may be claimed for transit used by yourself, your spouse or children under the age of 19.

Working from home can mean substantial tax savings. When you have a home office that is clearly set apart from the rest of your home, and you have no office space dedicated to you by your employer, you may claim home office expenses such as electricity and heat according to the space dedicated to your office.

Student loan interest is deductible. Get a receipt for the interest charged on approved provincial and federal student loans. If you cannot use the deduction on this year’s tax return, a tax software like UFile is designed to carry forward and use the balance of interest in future years.

Are your kids enrolled in hockey or soccer? You may be entitled to a non-refundable tax credit of up to $500.00 per child if you have children under 16 or a disabled child under 18 years of age enrolled in physical activities. Be sure to take advantage of this valuable credit.

And now, if your kids are enrolled in the Arts you also may be entitled to a non-refundable tax credit of up to $500.00 per child if you have children under 16 or a disabled child under 18 years of age enrolled in arts activities.

Software, like UFile, can find also find deductions and credits for you. For example, UFile will automatically find your credits related to your age, your employment and your pension income. UFile will also automatically transfer tuition, disability credits and the like to find the optimal result for the family.

Quality tax software will also carry forward amounts that you can use in the future. Specifically, your RRSP balance, some refundable tax credits and tuition or student loan amounts are valuable items that can reduce tax in future years if you cannot claim them in the current one.