Top 10 Ways to Reduce Your Tax Bill
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 03/06/12 -- Did you know?
There are a number of ways to reduce the amount of tax you owe and keep more money in your pocket at tax time. The Canada Revenue Agency (CRA) can help you learn more about the various credits and deductions that you may be entitled to and that can save you money when you file your 2011 income tax and benefit return.
Important facts
For individuals:
1. - Register for My Account, gather your receipts and NETFILE access code, and sign up for direct deposit before April 30. Submitting your income tax and benefit return before the tax-filing deadline means you can avoid having to pay late-filing penalties.
2. - Save those receipts! All the activities you have been paying for throughout the year (piano, karate, tutoring, hockey, and more) may save you money at tax time.
3. - A tax-free savings account (TFSA) is one great way to save money since you don't pay tax on any income you earn from investments in your TFSA.
4. - Any income that you earn in a registered retirement savings plan (RRSP) is exempt from tax, as long as the funds stay in the plan. RRSPs help you save for your retirement and give you a break at tax time too.
5. - If you or someone in your family is a regular user of public transit, then you may be able to claim a non-refundable tax credit based on the cost of eligible transit passes.
6. - If you receive income from a pension, you can split up to 50% of eligible pension income with your spouse or common-law partner to reduce the taxes that you pay.
7. - Are you still in school? Students can claim the tuition, education, and textbook amounts. Have you graduated recently? You may be eligible to claim the interest that you paid on your student loans.
8. - If you have children, you may be able to claim child care expenses that you or your spouse or common-law partner paid so that either of you could work, do research, or go to school.
9. - If you're a first-time home buyer you may be eligible to claim $5,000 on the purchase of your new home, which can save you up to $750.
For people who are self-employed:
10. - Did your business employ an apprentice? A salary paid to an employee registered in a prescribed trade in the first two years of his or her apprenticeship contract qualifies for a non-refundable tax credit for the employer.
Stay connected
To receive updates when new information is added to our Web site, you can:
-- Follow the CRA on Twitter -
-- Subscribe to a CRA .
-- Add our to your feed reader.
You can also visit our for tax-related videos.
Contacts:
Canada Revenue Agency
Media Relations
Noel Carisse
613-952-9184
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 06.03.2012 - 16:09 Uhr
Sprache: Deutsch
News-ID 122284
Anzahl Zeichen: 3427
contact information:
Town:
OTTAWA, ONTARIO
Kategorie:
Local
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"Top 10 Ways to Reduce Your Tax Bill"
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