Tax Tips

# 1 - Have Larry prepare your personal income tax return.

# 2 - Have Larry  review your past 3 year tax returns at no cost to you. Only if I get you refundable amounts from those years will a charge occur even then you will be advised you of the charge before I file the request. This is a WIN – WIN situation. Contact me today to arrange your free tax review.

Many individuals unfortunately fail to take advantage of all tax deductions and tax credits that they are entitled to therefore losing some of their hard earned cash. Listed below are some of these deductions and credits.

Deductions:

• Pension Income splitting
• Union dues paid direct to unions (not reported on T4)
• All eligible moving expenses
• CMHC Mortgage Insurance on rental properties/units
• Carrying charges on investment accounts
• Safety deposit box rentals
• All eligible vehicle expenses as employment, business or rental activities
• Non capital and capital losses of other years

Tax Credits:

• Public transit amount
• Children’s fitness amount
• Caregiver credit for seniors with low income living in the same dwelling as you
• Medical health and dental premiums paid by you as ‘Group Insurance’
• Many other medical expenses
• Disability Tax Credit.
• Tuition transfers from children or spouses
• Tuition not being claimed by the student because they had no income. By not recording the credits they are not carried forward for future years.
• Accumulated donations for 5 years