6. Investments can pay interest and/or dividends (and occasionally capital gains). These amounts would be claimed each year as they're paid out. Depending on the type of investment, for example, shares, you would be required to report the capital gain or loss on your tax return (schedule 3).
5. The Apprenticeship grant is available to anyone studying under a registered trade as listed with HRSDC. You need to apply through Service Canada.
7. There is no credit available for renovations. But if you are renovating for a disabled person, you can claim the costs as medical expenses.
8. If you purchase monthly passes for transit, you may be able to claim the Public Transit Pass Credit. You will need to have your receipts and passes to prove you claim.
9. No, there are no new tax breaks applicable to the Maritimes this year.
10. The Home Renovation federal tax credit ended in 2009. There are no current home renovation credits available at this time.
11. If you owe to Revenue Canada, you'll have to pay the penalties and interest for missing the deadline. If you don't owe money to Revenue Canada, then you can file your taxes later without penalties.
12. The First Time Home Buyers tax credit is available to a First Time Home Buyer, or anyone who has not owned or lived in that home for more than 5 years. So even though you may not qualify and your wife does, she is able to claim the entire $5000. This will mean a tax savings of $750.
13. Yes, you can claim your monthly bus pass. If you have income and you have paid taxes this year, it can be applied against these taxes that you have paid.
14. To maximize tax savings with donations, you should try to collect more than $200 in receipts. The first $200 provides a 15% tax savings. Every dollar over $200, receives a 29% tax savings. If you don't have enough to maximize the beneift, you can collect receipts up to 5 years and claim them all at once.
16. You'll have to fill out the small business form - a T2125 - and you'll claim the income from that business and then claim the deductions. When you look at the form, there is a whole list of deductions she can claim - advertising expenses, the cost of printing businesses cards and even the expenses for travelling to different places. She can also claim car expenses if it was used for business.
15. Let us know what type of renovations you're referring to and we can let you know what could be applied.
17. Yes, you can. The move has to be for a new job that is more than 40 kilometres away. You have to fill out the 'T1 moving' form and it'll ask you certain questions and let you know what can be claimed. Common claims include gas or hiring movers.
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