78 Tax Tips for Canadians for Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz

By Christie Henderson, Brian Quinlan, Suzanne Schultz

Compiled by way of knowledgeable workforce of accountants, 78 Tax information For Canadians For Dummies deals functional tax making plans recommendations. those person information provide elementary recommendation and perception that would keep readers aggravation and cash.

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We’re not the only ones who would choose the computer. According to the government, more than half the tax returns filed in 2008 were filed electronically. 1 million returns prepared and delivered via computer. This number has been growing, and is expected to continue. Looking at the perks and perils of going the techno route Using software to prepare your tax return has a number of advantages over paper-filing. The favourite, of course, is automatic recalculation: When one number on your return changes, the program updates all relevant forms and recalculates your final tax bill.

Form T1DD can also be used to change information you’ve previously sent to the CRA. You do not need to redo the form each year, however: After it is set up, the CRA will continue to deposit funds to the account. They will never forget! Don’t forget to tell the CRA when you close a bank account. Refunds sent to a closed bank account will eventually be returned to the CRA, which will then send a cheque to the taxpayer. However, there are delays (weeks or months) in making all this happen. Avoid the hassle and advise the CRA of new banking information immediately.

Review the Amount of Charitable Donations You Should Claim The total of the donations being claimed in a year is reported on schedule 9 of your tax return and the federal tax savings is calculated on schedule 1 of your return. The provincial/territorial credit is calculated on the respective provincial/territorial forms. Limit of donations you can claim Generally, you can claim charitable donations up to the limit of 75 percent of your net income reported on line 236. ) To the extent your charitable donations are restricted in a year to the 75 percent of net income limit, the excess amount can be carried forward for potential claim in the subsequent five years — again, subject to the 75 percent of net income limit test.

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