It’s Almost Tax Time Again, Are You Ready?

It’s Everyone’s Least Favourite Time of Year!

tax season anxiety?With the March 1st RRSP deadline looming, it’s time to think about personal income taxes again. Filing your 2012 taxes is not due until April 30, 2013, but if you’re anticipating a refund, it’s better to file early and collect your money sooner rather than later!

In the fall we wrote an article entitled “Taking Surveys for Tax Savings” in which we illustrated how taking online surveys can result in tax reductions through the use of charity donations. Not only is this a great way to pad your potential refund without spending any money, but it also really helps some great non-profit organizations who are in desperate need of donations.

We’ve also got some information on how to claim your survey earnings on your tax returns on our website here: Remember that if you are a low-income earner, you will likely not have to pay any taxes (especially if your total income for 2012 was under $11,000), however you should still claim your survey earnings so that you’re not hiding anything from the government in case of an audit.

ethnic voice accord logoIf you’re new to Canada this year, we sure hope you don’t get too scared away by our high taxation levels! If you’re an immigrant from Europe however, you might be pleasantly surprised! In any case, don’t forget to check out the newly listed and cash-paying Ethnic Voice Accord, as they are specifically seeking membership from new Canadians.

winnerIf you were lucky enough to win a contest from a Canada-based survey company this year, and are a Canadian resident you do not have to claim the cash value of your prize. So, if you were one of the lucky winners of LegerWeb’s monthly $1,000 cash prize draw, the money is yours to keep, tax free! Because the prize is a game of pure chance, it is not subject to Canadian income tax, however if you lived in the US, depending on your state (among other things), you would have to pay taxes on your winnings.

It sure is good to be Canadian, eh?! maple leaf



***Disclaimer: although we strive to provide as much accurate information as possible, we cannot guarantee the accuracy of the information presented above. We strongly urge you to seek professional advice from an accountant or tax advisor to verify this information, as well as if you have any further questions.

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