Tax Tips
There are some great ways that you can save on your tax bill by knowing a few of
the deductions and credits that are available.
These programs and amounts can change. Talk to the person that prepares your
taxes for more information. Or call Canada Revenue Agency at: 1-800-959-8281
1-800-267-6999 is the Tax Information Phone Service which is an automated
phone service that provides tax information.
Or you can visit the Canada Revenue Website for information on completing a tax
return.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/menu-eng.html
The Volunteer Community Income Tax Program can do your Income Tax for you
if you need help. Service is free to lower income individuals and households.
Volunteers will help you with Sales Tax Credits, Student Credits, Child Credits
and Benefits, Refunds, and more.
For more information about the Volunteer Community Tax Program contact Jane
McNab at 250-837-5910.
A tax deduction is a cost that reduces your taxable income. For example, if your
income is $50,000 and you have a tax deduction for $10,000, then your taxable
income is now $40,000.
A tax credit is different in that it is a specific amount of money that is deducted
from the amount of tax you owe – not from the amount of income you earn.
Update your Personal Taxes
Here are a couple of things you can do to
help you take home more money on each
paycheque.
Update your TD1 Personal Tax Credits
Return. Have one parent claim the child
amount or the amount for an eligible
dependent.
Photo credit StockMonkeys.com via Visual Hunt CC BY
Request a tax deduction at the source.
If you have large expenses, such as child
care, consider filling out a T1213, then
you will be paying less taxes on each pay
cheque.
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