Personal Tax Return Tips

Toronto Accountant Provides personal tax return tips:

1. Tax Tip 1 - Contribute to RRSP

By contributing to your RRSP, you get a tax deduction for the amount you paid. The maximum amount that you contribute to your RRSP (like your 2009 RRSP deduction limit to know) can be found on your 2008 assessment notice.

Many tax advisers recommend Toronto RRSP, not only because you claim a tax deduction, any income you earn in yourRRSP is tax-free. The deadline for contributing to RRSP's for the 2009 tax year is 28 February 2010.

2. Tax Tips 2 - Child care expenses

Consult your tax advisor on the Toronto generous child care deductions available to Canadian taxpayers. They will later claim a deduction for child care expenses reimbursed to each a maximum of $ 7,000 for child or born in the year 2003 and to a maximum of $ 4,000 for each child born in 2002 and by the year 1993. Childcare costsinclude, but are not limited to babysitters, day care costs, summer camp fees and charges due to a.

3. Tax Tip # 3 - Home Renovation Tax Credit

You can request a tax credit of 15% to the cost of renovating your house. This tax credit can be used to the taxes that you owe to be reduced. For the purposes of renovation Tax Credit, only renovations of more than $ 1,000 but less than $ 10,000 qualify. Just make sure your Toronto Accountant Tally ask your renovationReceipts, prepare your personal tax return!

4. Tax Tip 4 - Employment Expenses

As an employee you are entitled to certain employment expenses, your costs and remove the not reimbursed by your employer. These expenses include the cost of utilities, automobile expenses, parking and travel expenses.

If you are a contract sales force, you can deduct expenses for which you paid and that the income from the sales department. For example,Advertising costs, meals and entertainment, office rent, internet and telephone are all costs to earn commission income.

Please ensure that your employer complete Form T4044, as the rating agency a completed copy of this form need to support your work require expenditures.

5. Tax Tip 5 - Preparation of tax returns for fees

You can return to deduct fees in Toronto accountant or other accountant to prepare your personal tax rate. However, the fees paid can onlydeducted to the extent that you receive income from investments or income from a business.

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