Tax tips to make your return a productive one
Posted Apr 11, 2013 12:28 pm.
This article is more than 5 years old.
If you haven’t filed your return yet, time is quickly running out.
The deadline to file this year to the Canada Revenue Agency is April 30th.
Investor’s Group says there are some things you’ll want to take advantage of while crunching the numbers.
Director of Tax and Estate Planning Myron Knodel says our system is a complex one and missing a credit can be a common mistake.
“Some of the credits are substantial in actual savings to you and in some cases if you missed the credit you may be able to go back to prior years,” he tells 660News.
Rules he adds also change from year to year.
For example, fees for exams to obtain a professional status of at least $100 now qualify.
He also suggests looking at the children’s art tax credit which offers guardians up to $500 dollars per child for arts programs.
The available contribution room for a Tax Free Savings account rose by $5,500 at the beginning of the year.
Knodel says it’s a good idea to come prepared so your accountant can maximize your deduction.
And he adds have all available documentation ready, because with each and every deduction you have to be ready to prove it to the CRA.
