- Claim the kids: Families will continue to benefit from a $2,131 Child Tax Credit for each child under the age of 18. This will result in a federal tax saving of $320 per child. And if one parent cannot use the entire amount to lower their tax payable, the unused amount can be transferred to a spouse or common-law partner.
Renovating a property can be an exciting time. But it can also be an expensive one, especially if you don’t keep a firm eye on the ongoing costs of completing the job.
Here are five common pitfalls that trip people up when it comes to budgeting for a home renovation.
#1: Inadequate planning from the start
This is one of the biggest hazards in property renovation – particularly if you haven’t done it before. Make sure you have accounted for every nut, bolt and screw and every process that needs to be gone through to get the finished result.
Driving a car can be an expensive pastime, but it’s something that most of us need to rely on for work or leisure purposes. However there are ways to keep the costs down without sacrificing the car altogether. Try the following methods – the more of them you put into practice the cheaper your motoring will be.
Stick to walking for short journeys
It’s a simple step but it works. You can cut down on the amount of gas you use, and you’ll also stay fitter and healthier by tackling short journeys on foot.
With fuel prices going up faster and faster we’re all eager to save some cash on our bills right? The more we can save the more cash we can keep in our pockets.
Well you know all of that going green stuff that you feel like you should be doing? Turns out that by doing your bit for the environment you can save money too. Here are a few tips for little changes and big ones that can save you money without costing the earth, so to speak!
Gradually Reduce The Temperature On The Thermostat
I’m going to bet that if you lowered the thermostat by just 1 degree you wouldn’t really notice the difference; in fact I dare you to try it! You will certainly notice the difference on your heating bill.
- Marital status: For tax purposes, your marital status is determined on December 31 of the tax year. So if you are separated on December 31, 2011, you would put “separated” as your marital status. If you were in a common-law relationship, you are only considered separated if the period of separation lasts 90 days or more, so if you separated on December 1, you will not be considered separated on December 30 unless you remain separated on March 1.
- Inform the CRA: Breaking the news to the Canada Revenue Agency may not be high on your list of priorities. However, since your GST/HST Credit and Child Tax Benefit is now based solely on your income, it will usually be to your advantage. Use Form RC65 Marital Status Change to advise them and they will recalculate your entitlement effective for the next payment date.