Helpful Tax Tips
Knowing more can save you money and keep you safe. That's why we've compiled a list of important tax tips that can come in handy next time you do your personal or corporate taxes.
| Tax Tip #1. |
| Taxpayers who incur business related expenses for their employer may be eligible to deduct these expenses from their income. Employees must get their employers to complete Form T2200 - Declaration of Conditions of Employment, to legitimize these deductions. |
| Tax Tip #2. |
| Certain members of the clergy or religious organizations may be entitled to deduct an amount paid for living accommodations. They must complete Form T1223 in order to determine that amount. |
| Tax Tip #3. |
| If you are a commissioned employee consider leasing rather than purchasing capital equipment, as you can not claim CCA on capital purchases. |
| Tax Tip #4. |
| Make sure you keep all receipts and records for up to 7 years. The government can inquire about any tax return 6 years prior to the current tax year. |
| Tax Tip #5. |
| Have you lost your rent receipts? Download our Rent Receipt form on our Forms Page. |
| Tax Tip #6. |
| Child support agreements made on or after May 1, 1997 are not deductible by payer and not included as income by the recipient. Contact us for more specific tax related rules on child and spouse support agreements. |
| Tax Tip #7. |
| Did you pay for child care this year? Before you come in to do your taxes, download our Child Care form on our Forms Page and get your babysitter to sign it. |
| Tax Tip #8. |
| Before you make RRSP Contributions consult your previous years’ Notice of Assessment to determine your contribution limit. In some instances there is a penalty for taxpayers who over contribute. |
| Tax Tip #9. |
| Students; or guardians of students, attending a post-secondary institution are eligible for a tuition credit. Contact the institution and inquire how to receive T2202 or T2202A slip. Remember to bring the slip in when you file your income tax. |
| Tax Tip #10. |
| Not filing your taxes on time could mean discontinuation of your Child Tax Benefit, GST Benefit, OAS and/or CPP payments. |
| Tax Tip #11. |
| Medical expenses between spouses can be pooled and allocated to either taxpayer to best minimize their tax liability. |
| Tax Tip #12. |
| Your income tax return can not be re-submitted. It must be adjusted using a T1-Adjustment. Come in and talk to one of our professionals about altering and resubmitting your tax return. |
| Tax Tip #13. |
| Contributions to RESPs are not tax deductible. |
| Tax Tip #14. |
| Keep your Public-Transit Passes as a non-refundable tax credit is available to you. Eligible passes must be either 4 consecutive weeks and/or monthly passes. |
| Tax Tip #15. |
| Transferring ownership of property to family members has certain tax implications; contact us to ensure you’re fully aware of all implications of such transfers. |
| Tax Tip #16. |
| Taxpayers may claim eligible moving expenses if the move is within Canada and brings them at lease 40 kilometres closer to a new job, business location in Canada, or post-secondary institution. Contact us for more details. |
| Tax Tip #17. |
| Do you drive long distances and are on the road for 8 hours or more? Have your employer complete a TL-2: Claim for Meals and Lodging form. |
| Tax Tip #18. |
| You can still file past returns even if you have no income. You may still be eligible to certain benefits |
