The deadline for
tax returns is closing in fast, and a rushed return can cost you thousands of dollars. Tax Team Canada has hundreds of tips which can help reduce your tax burden, but time is running out so we have filtered them down to 8 quick and easy tax return tips that could save you time, stress and a lot of money.
1 – Homeowners who renovated their property in 2009 can claim a non-refundable
tax credit of up to $1,350 for renovation goods and services. First-time buyers can also claim up to $750 for the purchase of a qualifying home.
2 – Medical Expenses like nursing, therapy and private health care services can be eligible for a tax refund. It is also possible to claim for contact lenses, computer peripherals and travel expenses if you had to travel over 40km from your home for treatment.
3 – Students may be able to claim up to $400 ‘Education Amount’ and $65 ‘Textbook Amount’ for every month they were enrolled in a qualifying education program. Tax credits are also available for student loan interest, public transit and tuition fees.
4 – Seniors over 65 with annual income up to $75,000 can claim an ‘Age Amount’ of up to $6,408. They can also receive tax credits for public transit.
5 – People with disabilities or parents of children with disabilities can claim various credits, including a ‘Disability Amount’ available to people with prolonged physical or mental impairment.
6 – Parents can claim over $2,000 for each of their children, if that child lived with them and was under 18 in 2009. Deductions are also available for child care expenses and medical expenses.
7 – Tradespeople can claim up to $500 for tools and GST/HST for expenses incurred in the course of employment. They can also deduct certain expenses they paid to find employment.
8 – Northern residents who live in zones assigned by the federal government for over half the year can claim certain travel and living expenses.
To find out more on any of these points, or for free tax return information, visit taxteamcanada.com. Based in Vancouver, Tax Team staff are certified tax accountants who can help reduce your taxes. Every new client that books an appointment before April 15th will receive a complimentary Financial Planning Session and Portfolio Review.