Common Mistakes Made On Tax Returns
Avoid the most common mistakes made on Canadian income tax returns by reading through this list I have comprised.
CRA Tax Tips for current and prior tax years.
Families - Children's Arts Tax Credit
For 2011 and subsequent years, the budget proposes a new non-refundable tax credit based on eligible expenses paid for the cost of registration or membership of your or your spouse's or common-law partner's child in a prescribed program of artistic, cultural, recreational or developmental activity (eligible program).
Seniors, you can reduce your income by splitting your pension income with your spouse or common-law partner.
That if you are a tradesperson (including an apprentice mechanic) you may be able to deduct part of your tool expenses? The tradesperson's tools deduction provides employed tradespersons with an annual deduction of up to $500 to help cover the cost of new tools necessary to their trade. The deduction to be claimed on your tax return applies to the total cost of eligible tools in excess of a pre-determined amount that was acquired by an employed tradesperson during the tax year.
Self Employed Persons Filing and Payment Deadlines
If you or your spouse or common-law partner carried on a non-incorporated business (other than a business whose expenditures are primarily in connection with a tax shelter), you have until midnight on June 15, to file your current year's tax return. You still have to pay any balance owing by April 30.
Published Article on How To Avoid A Tax Audit