Tax Tip #10- Work from home and save

Did you know that under certain conditions, if you are self-employed and use part of your home to run your business, you can deduct a corresponding part of the operating costs of your home? For example, if your home office … Read More

Tax Tip #9 – Donations

Did you know that if you make donations to registered Canadian charities, you can claim them as a non-refundable tax credit on your tax return? Total donations of up to $200 will give you a federal tax credit of 16% … Read More

Tax Tip #8 – Claim your child care expenses

Did you know that you may be able to claim your child care expenses your income tax return? To qualify, you must have incurred the expenses in order to work or attend school. When there are two parents, the parent with the lower … Read More

Tax Tip #7 – Fast Cash

Did you know that if you file your income tax return electronically, you may get your refund within eight business days? If you file electronically and use direct deposit, you will get your refund even faster! Filing electronically is convenient and environmentally … Read More

Tax Tip #6 – Student tax credits

As a student enrolled in an institution offering post secondary education, you may be able to claim your tuition and education amounts on your tax return. You can claim an education amount up to $400 for each month you attended … Read More

Tax Tip #5 – Claim those investment expenses

If you have investments, you may be able to claim related carrying costs and investment expenses. Carrying costs include fees such as a safety deposit box rental or fees paid to an investment advisor.  You can also claim interest expenses on the money that you … Read More

Tax Tip #4 – What’s new?

The following are some new changes affecting your 2011 Personal Income Tax Return: Children’s arts amount Volunteer firefighters’ amount Allowable amount of medical expenses for other dependants Canada Child Tax Benefit (CCTB) Canada Pension Plan (CPP) contributions Students tuition credit Investment … Read More

Tax Tip #3 – Newcomers to Canada

Are you a new resident of Canada? If yes, then you will find these tax tips very interesting. If you are a newcomer to Canada, you can be authorized to receive payments such as the Canadian Child Tax Benefit (CCTB) or the … Read More

Tax Tip #2 – RRSP Contributions

A Registered Retirement Savings Plan (RRSP) can help you save for retirement, an education or even buy your first home.  You have until February 29, 2012 to contribute to your RRSP so that you can reap the benefit of a … Read More

Tax Tip #1 – File For Your Children

The income tax filing for your children can be very beneficial to them in the future. For the 2011 tax year, if your child has income of less than $10,527 there is no tax to pay.  However, by producing an … Read More