We know – you can definitely use some professional help to get your taxes dine. There are a number of things you should know, to help you to save some money around the tax season. Believe it or not, the CRA (Canadian Revenue Agency) wants to help you to get your taxes done effectively and efficiently, in an effort to save as much money as you can.
Take a look at the tips below.
Don’t wait until the last minute to file your tax return. Organize it properly and quickly so that you won’t have to endure late-filing penalties and fees and also, so you won’t have to endure any interruptions to your credit and benefit payments.
Make use of the tax-free savings account (TFSA), which helps you to save money. So, things like capital gains, interest, dividends, etc., won’t be subjected to taxes while they’re in the account or when you’re withdrawing them.
Sign up for a registered retirement savings plan (RRSP), where you can save on your taxes and save up for your retirement, simultaneously. If you earn any income in your RRSP will be free from taxes, once you keep your funds in the plan. The contributions you make to your RRSP are tax-deductible as well.
Make donations to charity, whether they be goods, cash, land or listed securities, because they may allow you to qualify for a charitable tax credit.
Know that certain family activities can help save you money on your taxes. Things like the activities your kids are signed up for or if you have to care for dependent family members, can earn you some tax credits.
If you were a student in 2012, you may be able to claim a number of things such as the interest you paid on your student loan, tuition, textbook and education amounts.
You are allowed to claim the cost of your transit passes if you use public transit.
The CRA will allow seniors who receive a pension to split almost 50% of their eligible pension income with their common-law partner or spouse if they want to reduce the taxes they pay.
If you bought your first home in the year 2012, you may be able to save up to $750.
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.
Recent Comments