Friday, June 10, 2011

Ten Great Tax Tips

1. A non-refundable tax credit to claim in public transport at least monthly passes you can buy period. Entitled Local and commuter transit buses, streetcars, subways, commuter trains and buses, including local. If you are entitled to claim credit, so be sure to keep your receipts or transit passes on the file itself.

2. Tuition fees for 2010 to qualify for a non-refundable 15% Federal Credit if you pay for them yourself. You have some teaching your child or another person based on predefined rules for the transfer fees paid can claim.

3. Increased spending and costs are entitled to sell the house. The real estate commissions, off a mortgage, to pay legal fees and advertising costs, including penalties. 40km to claim you a new job or place of business to make a step closer to.

4. If you are buying your first home, you return a non-first home buyers up home costs 5000 $ (up to approximately 750 value) to qualify for the tax credit is one that a qualifying home Current is eligible for. Home Buyer's plan is.

5. If you carry on a trade, either personally or through a corporation, your spouse and / or children to consider a salary payment. In light of the services they pay for business performance "must be reasonable.

6. Any time during the year each child under the age of 16 is eligible for fees for health programs for up to $ 500 can claim a tax credit. Generally, an eligible program is one that is ongoing and involves a significant amount of physical activity.

7. If you own more than one rental property, you can monitor for automobile rental expenses can reduce or repair. Cancel lease payments, can be cut but only over the lease term or the remaining lease term.

8. If your kids private school tuition fees to determine that a portion of the tuition fee is eligible for credit or qualifies as a charitable donation check with the school attending.

9. Gas, food, accommodations for the patient, and for a period where the attendant of the city as well as treatment is provided during the period of treatment for the patient, including travel expenses can be claimed .

10. A bank account in the name of your child tax benefit and universal child benefit payments for child care in the hands of children so that income is credited to consider.