Crosstown Civic Credit Union News

File your taxes the smarter way with TurboTax Canada and save!

File your taxes the smarter way with TurboTax Canada and save!

Crosstown Civic Credit Union is pleased to announce a partnership promotion with Intuit TurboTax for the 2019 tax year. Until May 1st, 2020, CCCU members can take advantage of a 20% discount on TurboTax online.

TurboTax is online software that makes filing your taxes easy. TurboTax guides you step-by-step through your taxes, getting to know you so you can find every tax deduction you deserve, double-check your return and file you taxes directly to Canada Revenue Agency.

What you need to start your tax return:

You will need several documents to begin your tax return. Here are the most common:

  1. Previous Tax Year Documents: You’ll need your prior year’s return and notice of assessment from the Canadian Revenue Agency (CRA), as well as any other communications you received from the CRA. Your notice of assessment has key deduction limits that you can use in the current year, such as your Registered Retirement Savings Plan (RRSP), home buyers repayment plan balances and carry forward amounts.

  2. Income Documents: Your T4 slip is your Statement of Remuneration Paid, and your employer(s) must send them out by the end of February. Depending on any investments you make income from, other common income slips include T3 (Statement of Trust Income Allocations and Designations), T4A (Statement of Pension, Retirement, Annuity, and Other Income), and T5 (Statement of Investment Income). Benefits collected from government, such as employment insurance or workers compensation will require a T4E or a T5007. If you own a rental property, you’ll need to include any rental income and expenses as well.

  3. Deduction Documents: More deductions often mean a bigger return. You should have all your receipts and slips on hand when you’re ready to file your return. This can include education slips (T2202A) and student loan statements, or child-related deductions like daycare or recreation. Public transit, medical or dental expenses may also be deductible. Self-employed Canadians must gather additional documents in addition to all of the above items. Self-employed individuals must put together all the financial results of the company, including income, expenses and (if applicable) any home office expense calculations.

Ready to file your return with TurboTax?

Simply click the TurboTax banner below, on our homepage or on your online banking accounts summary page. You will be redirected to TurboTax’s website, where you can select the product package to suit your needs.

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