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 years 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.

Employment Expenses
Employees may be able to deduct work expenses they are required to pay if they are not reimbursed. They employer must fill out and sign form T2200, Declaration of Conditions of Employment.

Family members should file together
Many tax credits may be shared by or transferred from lower income family members to higher income family members. There credits include tuition, education amounts, medical expenses, disability tax credits, attendant care amounts.