Top Four Commonly Overlooked Tax Tips

by Guest on April 8, 2011

1.      Medical expenses: If you pay a healthcare premium to your employer, this is considered a medical expense as well as any deductibles or out-of-pocket expenses that are not covered by your plan. If you purchase healthcare insurance to travel, this can also be claimed as a medical expense.

2.      Disability tax credit: Many taxpayers feel they do not qualify but it may be worth asking your doctor to review the criteria on the T2201 medical disability form.  This form is submitted to the CRA and they will determine whether you qualify.

3.      Claim your income: Any child under 18 who works part time or full time during the summer months may be entitled to a refund of taxes paid if their income is below the basic personal amount. Even if no tax is deducted, reporting the income will increase the child’s RRSP contribution limit for future years.

4.      Get your benefits: Those turning 19 before April 1, 2012 should be filing a 2010 tax return even if they had no income.  This will allow them to collect the GST/HST credit for the quarter following their 19th birthday.

 

 

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