Tax time is usually not fun for anyone, even for those of us who get money back. Part of the reason for that has a lot to do with waiting to see what the amount is, and then waiting for Revenue Canada to cut a cheque. The TurboTax Refund Calculator is an easy — and free — way to find out just how much you can expect to get back.
The app is surprisingly deep in what it offers. You can determine your return or amount owing by not only inputting the basics like your income, but you can also throw in your RRSP contributions and income derived from investments, property and self-employed endeavors.
This is really easy to do if you go by your T4 slip or even the last pay stub you earned for 2010. The sliders are quick and simple to use, though you can just type in the proper amounts, if that’s easier for you. The “Caroline Says” section at the bottom right corner also pops up useful facts about tax rules and deductions that might make a difference, if they apply to you.
While there is a lot here to go with, it’s not necessarily going to be totally accurate. Hence, why Intuit says clearly that it’s an “estimate” rather than a figure that’s going to be dead on. Mind you, if you have no investments or other income, it’s likely that what you see will be what you get.
And if you’re pulling in more than $200,000 a year, you can’t really use the app either, since that’s the ceiling income level. Self-employed and those with complicated taxes may not find the app quite as pervasive because it doesn’t include sliders for deductions and other write-offs. But if you’ve done the math already and know what your net income is (meaning the amount after all deductions have been subtracted), then you might be able to see the final tally.
Plus, this is just meant as a snapshot of your tax situation, so you won’t be able to file anything from the app anyway. Getting an idea of what to expect is still worth trying this out though.
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