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9 tax-filing tips that will save you money

9 tax-filing tips that will save you money
From income splitting to transferring unused credits, these could make tax time less painful. Here are some pointers to keep in mind as you prepare to file your tax return on personal income from 2012 by the deadline of April 30, 2013. 1. Be sure to take advantage of all income-splitting and pension-sharing opportunities. Tax season 2013Tips and tricks to get you through tax timeA special report on how best to maximize credits and minimize what you owe Taxpayers can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 or over. While pension sharing is not...
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Thousands of taxpayers broke TFSA rules last year

CRA sends out warning letters reminding Canadians of contribution rules By Dean Beeby | September 04, 2012 08:50 Source: The Canadian Press Tens of thousands of Canadians have again broken the rules for a popular tax shelter, triggering yet another volley of warning letters from the Canada Revenue Agency. The agency has sent some 76,000 Canadians a mailout reminding them of the strict rules against overcontributions to tax-free savings accounts or TFSAs – and demanding they pay more tax. The number of problem accounts identified is down from the 103,000 warnings sent out in August last year, but up...
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What Small Businesses and Self-Employed Individuals Can Claim

There are a number of deductions and business expenses that can be claimed to lower taxes payable or increase tax refunds. In order to get all these deductions, a significant amount of time is required in putting together all the receipts and expense information. For that reason, anyone with a self-employed business has until June 15th, to file their taxes if they are not owing. Things that you can deduct as costs of business are: Maintenance and Repair Costs: Full costs of any maintenance and repairs done on the property that is used to earn income can be deducted. This includes office or work space,...
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10 ideas on what to do with your tax refund this year

This week I put on a jacket that I haven’t worn for quite a while, and when I reached into the pocket I found a $20 bill. What a great feeling. You gotta love found money. A tax refund is a lot like that. If you’re getting a refund, the money was always yours, but you’re now being reacquainted with those dollars – and I know it feels pretty good. Setting aside the fact that you were actually lending the government your hard earned money, free of charge, have you given thought to what you’re going to do with your tax refund this year? Consider these 10 possibilities. 1. Pay down bad debt. Bad...
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