- To avoid penalties,
file your return on time even if you are unable to pay the balance due. Tax returns are due by April 30. If you
are self-employed this deadline is extended to June 15 but be careful, if there is a balance owing on your return, then
tax is payable by April 30.
- RRSP contributions must be made by March 1, to obtain a deduction
from current year's income. Your maximum contribution can be found on your notice of assessment.
- Medical
expenses are claimable in any 12-month period ending in the taxation year. Try to lump large costs together to ensure
a maximum claim.
- You must file an income-tax return in order to be eligible to receive the HST
credit.
- If you are commuting to work by public transportation, then save all your pass receipts to
get tax credit on your return.
- If you are self-employed you may wish to consider making capital expenditures
such as purchasing equipment or automobiles before December 31. Please consult us further for more information.
- Tips and gratuities should be included in income for the year when they are received.
- Interest
on loans borrowed for the purpose of investing in an RRSP is not deductible from income. It may be beneficial to borrow
to maximize contributions. As there are several factors to consider when making this decision, we recommend consulting
a professional.
- If you and your spouse both made the charitable donations, then consider pooling them
together to get the maximum tax refund.
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