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Tax Tips

Tax Tips for Individual Tax Payers

$ TIP 1: Maximize Retirement Saving contribution.

Remember to contribute the maximum amount allowed to the RRSP program annually. Also remember that additional amounts can be purchased to fill un-used RRSP room from previous years.

$ TIP 2: Claim the "equivalent to spouse amount" if eligible.

If you are a sole supporting parent with child(ren) under the age of 18, you can claim the "equivalent to spouse amount" to decrease your taxes.

$ TIP 3: Keep receipts and tax assessments in case of an audit by Revenue Canada.

Remember to keep records for six years in case Revenue Canada audits your returns. You might have to pay back any taxes refunded if you are unable to produce the required documents.

$ TIP 4: Get your refund at the speed of lightning.

At the time of filing your tax return, you can request that your tax refund, GST refund, and child tax benefit (if applicable), be deposited directly into your bank account. You won't have to wait for your refund to reach you by mail.

$ TIP 5: Give to your favourite charities.

Donations to your favorite charities are tax-deductible, thereby increasing your refund amount. Note: Be sure to obtain an official receipt from the charity.