Posted on: 20-02-14 21:14:43
Dear Friends
Suggestions made by friends like u and this FORUM helped me a lot with valuable info always.
Now can u pls suggest how can we save few bucks more tax credits from hard working small jobs
My Income 20000 plus Spouse 24000=44000 per 2013 and we have 11 yrs son
Other than metro passes..etc..please suggest us what kind of tax benefits we can mention to get little extra tax refund.(Legal and no proof claims)
Thanks
Rahul
Quote:
Originally posted by Rahul Gupta
Dear Friends
Suggestions made by friends like u and this FORUM helped me a lot with valuable info always.
Now can u pls suggest how can we save few bucks more tax credits from hard working small jobs
My Income 20000 plus Spouse 24000=44000 per 2013 and we have 11 yrs son
Other than metro passes..etc..please suggest us what kind of tax benefits we can mention to get little extra tax refund.(Legal and no proof claims)
Thanks
Rahul
---
Canada Revenue Agency (CRA) provides free copies of the following books through Post Offices.
1) FORMS 2013 and they are also available in English. So look for the English copies.
2 General Income Tax and Benefits Guide.
Get a copy or two for your personla use.
THE GUIDE will tell you detailed information of each and every number that appears on the Tax Return. (FORMS)
The Blue section is for the FEDS.
The Pink section is for the Provinces.
Also there are FREE tax softwares published by a few that will permit you to file a return with the CRA and NO Payment is asked from you.
http://en.wikipedia.org/wiki/Comparison_of_Canadian-tax_preparation_software_for_personal_use
How to build your own PENSION PLAN.. :
http://business.financialpost.com/2014/01/20/how-to-make-your-own-pension-plan/
THIS IS THE CURRENT CGA PERSONAL TAX PLANNING GUIDE. YOU HAVE TO READ ONE TAX TIP AT A TIME AND SEE IF IT WILL HELP YOU.
http://www.cga-ontario.org/assets/file/CGAO_PersonalTaxPlanning.pdf
Some tips from Turbo Tax. Some may not apply to you.
http://turbotax.intuit.ca/tax-resources/tax-tips.jsp
I have not purchased any tax software. Hence you will have to choose one that will suit you.
FH.
xxxxx
http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-13e.pdf
http://www.cra-arc.gc.ca/E/pbg/tf/5006-r/5006-r-13e.pdf
PLUS SCHEDULES.
http://www.cra-arc.gc.ca/menu/LBA-e.html
Hello,
The CRA sends in "pre-assessment" or "processing" reviews to obtain supporting documentation for tax credits and tax deductions one claims on their returns. So they will ask for receipts and proof for whatever it is you are claiming.
With that said, the following are some tax credits and deductions you can claim to lower your tax burden:
1) child fitness - $500 max
2) child arts - $500 max
3) donations
4) medical expenses for yourself, spouse, and child
5) child care expenses
6) RRSP deduction
I hope that helps.
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Madan Chartered Accountant team
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