Comments on: Another QuickTax Giveaway and Weekend Links

By: Matt

Matt — Sun, 22 Mar 2009 19:50:10 +0000

My tax tip is to ask lots of questions when you don’t know what you are doing. The guys a CRA are nicer then you think.

By: ldk

ldk — Sun, 22 Mar 2009 19:12:10 +0000

Best tip: Pay attention…like everything else in life, if you don’t know the rules, you can’t play the game…all sorts of things qualify for tax deductions–bus passes, soccer registration, medical expenses, etc. etc. Claim everything you are legally entitled to. (This year, start an envelope for home improvement expense receipts!!)

By: Mutazalzaluzzaman Tarar

Mutazalzaluzzaman Tarar — Sun, 22 Mar 2009 18:26:45 +0000

My tip: remember to detect interest expenses used to earn interest income…

By: kim-information exchange

kim-information exchange — Sun, 22 Mar 2009 15:22:02 +0000

Just want to say that I find your post really informative and the anchor links are very relevant too. Thanks for sharing this.

By: BC Dhawan

BC Dhawan — Sun, 22 Mar 2009 05:09:19 +0000

Invest Bonds, GIC in TFSA and RRSPaccounts and Canadian dividend paying stocks in unregistered account.

By: Patrick

Patrick — Sun, 22 Mar 2009 04:04:22 +0000

Try to do your own taxes at least once in your life. You learn a whole lot and it helps you to see another part of the financial planning picture.

By: MultifolDream$

MultifolDream$ — Sun, 22 Mar 2009 02:49:30 +0000

Buy a software package and DIY. You will save money and learn a lot about taxes.

By: Peter B

Peter B — Sat, 21 Mar 2009 16:35:02 +0000

Have a medical benefits plan at the company you work for?

Make sure to keep your last pay stub for the year and deduct your health and dental insurance premiums as medical expenses.

Don’t forget to include the deductible and the 20-25% that is not reimbursed buy the insurance company to your medical expenses.

Since medical expenses occur throughout the year as a lot of the other posters have mentioned, keep organized!

By: Deborah

Deborah — Sat, 21 Mar 2009 14:37:26 +0000

I don’t prefer using just folders. I put all my forms and receipts for each year in ziplock bags with labels made of just masking tape (with a Sharpie pen). Prevents those little pieces of paper from flying anywhere mysterious!

By: Dropby

Dropby — Sat, 21 Mar 2009 04:52:28 +0000

Continue to contribute to rrsp to get the tax free investment growth but wait to claim the tax benefit next year if you are sure you will have higher income then. I will use this strategy as I will have much higher income after I finish maternity leave and go back to work.

By: Daniel

Daniel — Sat, 21 Mar 2009 04:27:24 +0000

Tip: Photocopy your receipts (unless you want blank scraps of paper 8 months later).

By: john in kitchener

john in kitchener — Sat, 21 Mar 2009 01:17:03 +0000

My best tip if you are self-employed is to pay your spouse a reasonable amount for bookkeeping, etc. Pay the quarterly CPP and minimum income tax, opt out of EI payments and drop down within, or below your current tax bracket. It will result in the same amount of income into the household but with a considerable tax savings. Combining this approach with a dividend income stream can make a nice life out of moderate income.

Thanks.

By: Kelly

Kelly — Fri, 20 Mar 2009 20:21:52 +0000

Learn how to do your own, whether it be manually or online (persons with businesses or complicated returns my not want to take this advice).
My mom taught me when I was in college & I’ve never paid a cent to anyone else to do my taxes. Plus, I gained a better understanding of how taxes work.
My husband used to pay someone every year till we were married. They made more mistakes than I have in the 5 years I’ve been doing his!

By: CanadianFinance

CanadianFinance — Fri, 20 Mar 2009 20:02:27 +0000

Best Tax Tip – Get your tax refund in advance by filing a T1213 or TD1. Basically, if you know you’re getting the refund (like with RRSP contributions), then why give that money to the government in the first place?

I wrote more about this last month…
http://canadianfinanceblog.com/2009/02/23/tax-refunds-are-a-bad-thing.htm

By: Nurseb911

Nurseb911 — Fri, 20 Mar 2009 18:57:18 +0000

Thanks for the link MDJ!

My tax tip would be to make sure you keep items & information organized throughout the year. Trying to find past returns, T4’s, investment gains and other items at the last minute can cause a high level of stress. Keeping everything in a file folder organized by tax year (2009, 2008, etc) is very helpful when you try to locate forms or documents that you need at tax time.

By: KP

KP — Fri, 20 Mar 2009 18:56:41 +0000

Investing in company 401k is worthless if the only choices you have is limited funds – only contribute to match company’s contribution – don’t contribute much to save tax since it’s worthless.

By: Erick

Erick — Fri, 20 Mar 2009 18:21:23 +0000

Make sure the spouse with the highest income claims the charitable donations made by both.

By: Matt

Matt — Fri, 20 Mar 2009 17:55:59 +0000

Combine the tax credits with immediate family. For example, if you spend $2000 on home renovations this year, effective tax credit is 7.5%. Suppose someone you know is also spending $2000 then claim it as $4000 instead 2x$2000 (ofcourse with proper receipts). This way effective tax credit for both families will be 11.25% instead of 7.5%.

By: chris

chris — Fri, 20 Mar 2009 16:38:46 +0000

best tax tip: dont leave it till the last minute

By: Josee Guindon

Josee Guindon — Fri, 20 Mar 2009 16:02:05 +0000

I believe that hiring an accountant who you know and trust can be the best way to ensure that you get your taxes done right.