2. The college or university you attend should issue you a T2202A, tuition receipt. This form will allow you to claim a tuition credit and education amount and a textbook credit.
1. Yes, you can account for your parents on your income taxes. You can claim the caregiver amount if they are above the age of 65. And you can claim it for both parents. If you're single, you can claim the eligible dependent amount as well.
3. You can only get taxes back if you have paid taxes. If you were working somewhere else, and you have a T4 income, and you have paid some taxes, then the losses in your cheese business can be applied against those taxes.
4. The RRSP limit can be found on your Notice of Assessment. This limit isn't the amount you are able to contribute to an RRSP. Your RRSP limit is based on your income earned in the previous year. The maximum contribution amount for 2012 is $22,970.
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.
19. In most cases, no. Which expenses or credits are you referring to?
18. All of these renovations are capital expenditures which add value to your home/ property. Unfortunately, you're unable to claim these expenses.
21. If you receive a pension, you can claim the pension income amount, which is $2,000. Depending on your age, you can also claim age amount, which is more than $6,000.
20. As a self-employed realtor, you are required to maintain a log book recording all mileage for business and personal use. ths will allow you to determine what porportion of your total field costs that can be claimed as a business expense. Unfortunately, you cannot use a per km calculation.
23. If your daughter has already filed a tax return for 2009, she can make an adjustment to it. If it is her first house, she can claim it through the T1 adjustment form.
22. To claim moving expenses, you either need to have employment income in Moncton or have a taxable scholarship.
23. If your daughter has a spouse who has already owned a house before, she will not be able to claim the house, though.
24. To qualify for the Canada Employment Credit, you must have employment income reported on a T4.
Helen, the First Time Homebuyer's Amount credit started in Jan. 2009, so it won't apply to your daughter.
25. Hi Edward, you have to report GIS as income, but you will get a deduction and you won't pay any taxes on this.