8 tax breaks you may be missing....good information to save some more taxes


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RBO   
Member since: Aug 06
Posts: 1761
Location: Mississauaga

Post ID: #PID Posted on: 17-02-12 12:49:40

i thought i should share with CD's to get more benefits when fill out your tax - 2012.

see the below 8 tax breaks....may will help you out....

Deductions, credits and cash, oh my!

Now, here's the good news: according to Rowell, there is a lot of room for average people to reduce their taxable income using expenses they're already paying. So start saving your receipts and get ready to dig into these deductions and credits…

1) Medical expenses

Cosmetic procedures aside, many medical expenses are deductible. The list of expenses that qualify is a long one, and it includes many things you may have paid for in the past year - think prescription drugs, pre- and post-natal treatment, and dental care. You can check out the list of qualifying expenses - and find out if you're eligible to claim them - at the Canada Revenue Agency website.

2) Employment expenses

If you have a long and gruelling commute to work every day you might feel like you're owed something for that. No such luck. But you may be able to lighten your tax load by deducting other job-related expenses. Your Blackberry may just be one of them — as long as you're using it (mostly) for work. [More: Fees: Your investment portfolio's silent killer]

3) Public transit

If you're going green and using an unlimited travel pass for a commuter train, bus, streetcar, subway or ferry to get around, you can claim the amount you spent on these passes. This is a tax credit, so it's no free ride, but if you're spending $100 per month on bus passes, you can claim a $1,200 credit and get $180 off your tax bill. Think of it as a little government karma in exchange for the occasional armpit in your face.

4) Safety deposit boxes

Birth certificates, marriage certificates, important receipts...perhaps if you're lucky, even a little bling. These are things you might keep secure in a safety deposit box at your local bank. This ultra-secure mini-vault can be rented for a nominal fee, and if you use it to manage your investments, you can deduct it from your taxable income. Why this is deductible is a bit of a mystery (but then, we don't like to ask too many questions where free money is concerned).

5) University tuition

If you're paying out-of-pocket to educate that clever little 'chip off the old block', be ready for a fight to settle who gets the tax break. If your son or daughter is still living it up in your basement, the deduction can be deferred until he or she (finally!) lands that first job and will have the income that'll allow for the use of it. That is, if you don't claim it first…

6) Student loan interest charges

A college major often includes a minor in debt. It's a major downer, with a minor upside: the interest on student loans is tax deductible. [More: Keep more of what you earn: tax planning tips and advice]

7) Charitable donations

Canada Revenue Agency's tax credit for charitable donations means you can give and receive, but not just any cause will do. If you want to deduct, you must donate to a registered charity.

8) Tax planning fees

Tapping into an expert's advice can be a great way to hold on to more of your hard-earned money. Besides tax filing services, the fees for this advice are tax deductible (perhaps the government's way of saying we could all use a little help — hint, hint). Once you've filed your taxes for 2011, sit down with an advisor and find out what you should be doing now to ensure you don't have to pay as much tax later.


Save those receipts!

The government demands a helping of your income every year, but that doesn't mean you have to just hand it over without a second thought. Keep your liability lean by staying on top of expenses that are eligible for tax deductions or credits. By serving Canada Revenue Agency a heaping portion of receipts, you may just get to keep a bigger piece of the pie…for yourself. [More: Make that tax refund pay: Tips for using your tax refund wisely]

rgds



7wonders   
Member since: Aug 03
Posts: 518
Location: Toronto

Post ID: #PID Posted on: 18-02-12 13:05:29

Good one !!!

Lets add things that we can claim to our income tax.

For Eg
, Day care expsenses.
- Children's sports activity
- Rental income
- In medical expenses - you can also claim Parking fees for the hospital , as well as Gas money , ( as far as I know, you can correct me here if I am wrong)


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