2005 Tax Tips?

[Uzo]

What are some ways to save on a person income tax? (General tips for everyone to use this tax season)

-claim rent paid
-tuition (for students)
-Prescription reciepts

what else?

I usually just take a pile of reciepts to the accountant and let him to all the work. But I always feel like I could have claimed certain things...it wasnt until last year I found out I could claim medical expenses if needed.

 

[mrcheeks]

UFile (www.ufile.ca) is a very nice and easy tax program - you just have to have copies of everything you claim. And its Netfile compatible so it is even easier. If you just have fairly basic things to claim (and I'm pretty sure there is a separate UFile program for self-employed people as well) its painless and it basically does the same things that a tax preparer or accountant will do. Plus UFile is free of charge if your income is $25,000 or less.

 

[drlove]

Start contributing to an RRSP if you haven't already - it lowers your taxable income which should get you a refund.

 

[toolioiep]

Writing off interest baby!

My saving grace has always been the interest paid on my student loans - completely tax deductable.

In recent years, that has been complimented by interest paid on investment loans - also deductable.

These are examples of good debt - which is quite different from bad debt (credit cards etc.)

 

[Gititon]

This sites pretty helpful:

http://www.canada.com/topics/finance/rrsp2006/index.html

 

[m91us]

A proper return done by a designated accountant in public practice will bill you somewhere in the range of 125 to 150. Mine you this amount is for a tax return for someone with a majority of his/her income from a job (you get a T4 slip). A self-employed person will be much more than the amount I noted.

I have just one question for you: Is the amount of hours you spend researching ways to reduce your tax bill really worth it? That time could have been spent with your honey instead. Secondly, the deadline for RRSP contribution is over, so your last chance to reduce your tax bill is gone for the 2005 tax year.

One more thing, you mention your accountant didn't claim medical expenses. Did you provide him with the medical receipts to begin with?

What are some ways to save on a person income tax? (General tips for everyone to use this tax season)

-claim rent paid
-tuition (for students)
-Prescription reciepts

what else?

I usually just take a pile of reciepts to the accountant and let him to all the work. But I always feel like I could have claimed certain things...it wasnt until last year I found out I could claim medical expenses if needed.