TT #40: 13 tax advice for Canadians



13 tax advice for Canadians!

  1. If you are married and have children under 16 years old, file your taxes together! You don't want to missed out on 2 new credits offered by the government: the child amount of $2000 each and the children's fitness amount to a max of $500 each. Both are non-refundable tax credit that will lower your tax payable.
  2. For senior citizens receiving pensions, you are now entitle to income splitting... file your taxes together to find out if this is to your advantage or not.
  3. If you have parents over 65 years old and lives with you for most part of the year, be sure to claim caregiver amount. This is another huge tax credit.
  4. Keep all medical receipts that were not reimbursed to you by your insurance company, it may make a difference in your tax return.
  5. You are allowed to accumulate your donation receipts for up to 5 years. This will give you more credit.
  6. For students working part-time or full-time, be sure to bring your T2202A slip. This form can easily be downloaded through your school's website under your account. Your tuition is deductible and will give you huge tax savings.

    A lot of people has been moving to Calgary...
    here's a few more tips --

  7. If you move from one city to the next because of a job opportunity, you may be eligible to claim moving expenses. Be sure to keep all your receipts like gas, hotel, meals, movers and anything related to the move. The distance of the move from your old address to the new one has to be at least 40 kms.
  8. And if with your move you had to sell your house and purchase a new one in the new city, you are also allowed to claim advertising cost, real estate commissions and lawyer's fees. These are only deductible against income earned in the new city.
  9. But if you move with someone else and you share the same moving expenses, only one of you can claim.
  10. And if your moving expenses has been reimbursed by your employer you can no longer claim it in your tax return unless you were reimbursed through your paystub and that amount has been added to your income and you were taxed on it.

    More reminders --

  11. Make sure you have all your documents ready. Do not file your tax return if you know you are missing a document or two. It will take CRA approximately 2 months before they can process adjustments.
  12. If you are owing CRA, make sure you still file your tax return before April 30th. This will save you 5% in penalty charges.
  13. Set up direct deposit with CRA. You will get your refund in 5-10 business days! No need to do "instant refund" or "cash back" with your tax company especially if your refund is more than $1000 because this will cost you a lot.

NOTE: There are of course some restriction on some of these rules, find out more by consulting with your tax preparer.

REMINDER: Deadline for filing your taxes is April 30... Tax offices are usually busy during the first 2 weeks of March and the last 2 weeks of April.
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7 comments:

ghee said...

great,Jo!congrats to your domain!
now you can rock the boat!

what happened to your blogspot pala?dinelete mo ba?sayang...kasi pwede mo pa shang iupdate para sa ibang ads.

BTW,may sponsored review ka na ba?try it,yan yung sinabi ko sa yo dati,at minsan,swerte sa bidding.

http://sponsoredreview.com

Happy weekend ahead!!

hugs,
ghee

allies said...

saying HI!!

Junnie said...

Valuable tips...baka first time ako mag ka Tax Refund this year, as I paid in installments my pre-computed taxes for 2007...eh nawalan ako ng trabaho for 2 months...and i maxed out RRSP, so those are good tax adjustments di ba? less ang kinita ko, tapos nag registered savings pa...

that's the reason kaya di kami makalipad sa Calgary...pag nakuha ang refund promis!

JO said...

Hi Ghee,
Thanks! My blogspot is still there... but its redirecting my reader to my new domain name. I am part of sponsored review na, but couldn't seem to find good opportunity.

Hi Allies!

Hi Junnie,
After we move to the new house na kayo pumunta... I need Mitzi's expertise in decorating. ",)

honeyville said...

We always file our ITR togerther, but I didn't know about number 5. Now I'm gonna go looking for those old receipts. :)

JO said...

Hi Irene,
Glad you were able to pick up something from my list.

Alice Audrey said...

You're lucky to have 15 days more than USA. I'm sure wishing for them now.