Thanks to quarantine, many of us are taking the things we’d usually leave to a professional into our own hands: whether it’s cutting the kids’ hair, baking your own bread, or filing your own taxes. With the new tax deadline approaching, the thought of doing it myself was a stressful one, but luckily TurboTax offers an awesome service that guides you through every step of the process with help from a tax expert with an average of 10 years of experience. If you’re like me and are new to this, the reassurance of having someone to assist you is invaluable. Read on to learn more about how it works!
How it Works
You’ll start by filling in basic information like your name, province, and whether you’re filing for yourself, you and your spouse, or someone else. Right from the start, the TurboTax Live Assist & Review program lets you know that you can ask for help from one of their experienced tax professionals at any time, so you can breathe a sigh of relief.
Next, you’ll enter details about any dependents—as a parent it’s sometimes confusing to know how kids fit into your tax situation, but TurboTax asks specific questions to make sure they capture all the relevant information.
Then, you’ll provide the information in your T4. A T4, or a “Statement of Remuneration Paid”, is a document issued by your employer to tell you and the Canada Revenue Agency (CRA) how much income you were paid during a tax year and the amount of income tax that was deducted.
If you have an account with the CRA, you’ll have the option to automatically pull documents like your T4, by taking advantage of AutoFill My Return making the process even more seamless. A CRA My Account is a secure online service offered by the government that allows you to conveniently access your income tax and benefit information. If you don’t have an account, you can always enter this information manually.
To help you get the biggest return possible, you’ll then enter details about any RRSPs you have and charitable donations you’ve made in the previous year. An RRSP is a registered retirement savings plan—not only is it a great way to save up for your golden years, but you’ll only pay taxes on this amount when you withdraw it years later (when you’ll likely be paying lower taxes).
The last step before you file is to review all the information you’ve provided. At this stage, you’ll also have the amazing benefit of having a TurboTax Tax Expert review your file and look for any other ways to get you an even bigger return. And who couldn’t use some extra cash right now?
The Benefits of Using TurboTax Live Assist & Review
- Connects to your CRA account: This convenient feature helps you save time by pulling the necessary documents straight from your CRA account, like your income statement.
- One step at a time: TurboTax walks you through one step at a time so it never gets overwhelming. This also ensures you don’t miss any steps along the way.
- Expert review: Even though you can’t go to a tax office, you can still have an actual tax expert review your return instead of taking the chance of making a mistake or missing out on tax credits. This is especially helpful for those doing taxes on their own for the first time, as many of us are right now.
- Summary page: Before submitting, you’ll see a summary of all the info you’ve entered to make sure you didn’t miss anything and are getting the biggest return you deserve.
- Help from a LIVE tax expert: In my opinion, this is one of the biggest benefits of Assist and Review. You can speak to a professional on demand and ask as many questions as you like along the way. It’s fool-proof!