Tax Tips

Starting July 2012, the Ontario Sales Tax Credit (OSTC), Ontario Energy and Property Tax Credit (OEPTC), and the Northern Ontario Energy Credit (NOEC) are combined into the Ontario Trillium Benefit.  This benefit will be paid out monthly instead of quarterly or as part of your return.

Persons must file common-law if living together over 1 year or immediately upon the birth of a child

May 12th
Donations may be saved for 5 years to maximise your refund
May 2nd
Combine spouses donations to increase credit
April 28th
Travel insurance and health premiums not paid by your employer are deductible medical expenses
April 12th
If you move 40km closer  to new employment you can claim moving expenses!
April 2nd
65 or older and don’t have any pension income to split?  You can convert a portion of RRSP’s to RRIF’s, allowing you to take advantage of income splitting.
March 22nd
Allocating up to 1/2 of your eligible pension to spouse, may reduce your tax rate and health premiums and gives your spouse a $2,000 pension amount.
March 12th
Deduct professional and union dues – ie nurses licence, teachers certificate, etc…
March 2nd
Parents can now claim artistic credit for registration fees up to $500 for children under age 16 years.