Yes, reducing your tax bill is possible. We can show you a number of ways that you can keep your money in your pocket when it’s tax time. We want to offer you some tips given by the CRA (Canadian Revenue Agency), in an effort to help you to be more aware of the deductions and credits that may apply to you.
Pay attention to the tips below, so that you’re going to be able to help you save your well-earned money from your tax return.
You need to plan ahead so that you can submit your income tax and benefit return before the tax-filing, so that you won’t have to end up paying late fees.
Always save your receipts so that you can accurately account for all the activities that you have done or the things that you have paid for.
If you want to avoid having to pay tax on the incomes you earn from your investment, having a tax-free saving account (TFSA) can save more money.
Try to keep a lot of your funds in a registered retirement savings plan (RRSP), because you don’t have to pay taxes on that and the funds will remain in your account.
You can claim a non-refundable tax credit based on the cost of eligible transit passes, if you or one of your family members Is a regular user of public transit.
You will be able to half your eligible pension income with your spouse or common-law partner, so that you can lower the taxes you pay.
If you are a student, you may be able to claim the interest on your student loans, the tuition, education and textbook amounts.
The child care expenses that you claim or your spouse or partner paid, can be claimed if for instance, you would like to go back to school work or do research.
You may qualify to receive a claim of $5000 on your new home’s purchase and you can save as much as $750 on it, if you’re a first-time home buyer.
If you are self-employed, you may qualify for a non-refundable tax credit, once you have employed an apprentice and paid them a salary in their first 2 years of apprenticeship.
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002.
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