By Christie Henderson, Brian Quinlan, Suzanne Schultz
Compiled through a professional group of accountants, 78 Tax counsel For Canadians For Dummies deals functional tax making plans options. those person suggestions supply elementary suggestion and perception that would keep readers aggravation and cash.
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Extra resources for 78 Tax Tips for Canadians for Dummies
It may be more beneficial not to claim them for 2009 but rather to carry forward the donation amount to claim on your return for one or the next five carryforward years. This would be to your benefit if ✓ You already have sufficient tax credits to eliminate your tax liability, or ✓ Your donations were less than $200 in 2009. By deferring claiming these you can combine them with your 2010 donations and claim them on your 2010 return. If the combined total was in excess of $200 then the increased 29% tax credit, not the 15% tax credit, would apply to the excess.
The types of deductions listed on T691 that may lead you to pay minimum tax are not everyday types of deductions but include: ✓ Limited-partnership losses including carrying charges related to the limited partnership units ✓ Resource expenses, depletion allowances, and carrying charges related to resource properties and flow-through shares. You would have these deductions if you purchased certain tax shelter investments 16 Part I: Tips for Everyone ✓ Stock option and share deductions if your employer offers stock options and you chose to exercise those options ✓ The non-taxable portion of capital gains (50 percent of gains) reported in the year.
When it comes time to file your tax return, all you have to do is take out the receipts, add them up, and enter the total on the tax form. Consider organizing your tax information by the tax schedules you have to file, such as Statement of Real Estate Rentals, Capital Gains and Losses, and Statement of Business Activities. If your tax return is uncomplicated, it might be sufficient to have one file for each year. As you receive your tax information throughout the year, just put it into the file.
78 Tax Tips for Canadians for Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz