Tax Tips & Resources

Bring your Notice of Assessment for the previous year to your tax preparer. Your RRSP deduction limit, Home Buyers Plan payment amount, Loss carried forward balance, Tuition amount carried forward and any changes to the submitted return may prove useful in the preparation of the current year’s return.

Pension Splitting
Beginning in 2007, tax payers on pension other than CPP may benefit by splitting their pension with their spouse when their returns are prepared. Ask your tax preparer to make the calculation.

RESP for your Children's Education
The government provides a grant to the RESP worth 20% on the first $2000 of contributions made each year.

Medical Expenses
If you pay for private medical or dental premiums, these fees are deductible along with prescriptions, dental, optical, chiropractic and other medical expenses.

Home Renovation Tax Credit
Home renovations made between January 27, 2009 and February 1, 2010 may be eligible for a tax credit. The credit applies to any eligible expenditure above $1000 and up to $10000. The value of this new credit is equal to a maximum of $1,350.