TIP0007
I am back with some more saving tips...
As you know, Canada tax filing season is on and everybody must be looking to file their taxes. Here are some ways by which you can save taxes:
1. Putting your money into RRSP, it reduces your income by the amount you invested in RRSP but not more than the limit set by CRA for you.
2. TTC subway monthly passes, if you have used monthly passes for TTC then you can claim that amount, you get 15% of the amount you spent.
3. Amount spent on borrowing money or paid to an agent for investing in mutual funds or dividends.
4. Moving, if you have moved at least 40 kms closer to your work then you can claim the moving cost, you get 15% of the amount spent.
5. Medical expanses, amount which was spent by you on medical services and those were not covered by your insurance then that amount is eligible for tax claim, you gain get 15%.
6. First time home buyer, if you are first time home buyer then you get $750 in you tax return back as part of HST.
7. Money spent on fitness of your kids, if you spent any money on the activities or fitness of your kids then then amount will get you 15% back.
8. TFSA, all interest earned in TFSA is tax free.
9. Always enter the amount of rent you PAID or Property Tax paid in your tax return, it might get you some GST/HST return.
10. Donations, if you have made some donations then you get 15% of the amount back in tax return.
Hope above tips helps you same some money, if you have any queries or need any clarifications on above then leave comments and I will explain you the method..
Happy savings..
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