Good evening folks. My name is Julie Kaplan and I'm working alongside Cleo Hamel, Senior Tax Analyst at H&R Block Canada. We're here to answer all of your tax questions.
Feel free to blog with us live or phone in to speak directly to one of our tax experts. You can reach us at 1-800-499-3930.
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If you are paying a Canada Student Loan, the interest on that loan can be used as a tax credit.
Attention Single Parents:
For the first time this year: if you are receiving the Universal Child Care Benefit for your child, you can elect to remove that income from your tax return and report it as the income of your child.
Attention Self-Employed Individuals:
You can now receive special benefits from Employment Insurance. This is special benefits for things like maternity leave, compassionate care, and sick leave. Unfortunately, you cannot lay yourself off and collect regular benefits. You also must join for a year before you can collect any benefits.
Generally speaking the rule of thumb for the conversion of RRSP contribution to tax credit is your margin tax rate. The minimum federal tax rate is 15%, if you make a $1000 RRSP contribution you would receive $150 in tax savings. You can apply the same calculation to your own personal marginal tax rate.
If you receive money from anywhere in the world you have to put it on your Canadian tax return. This applies to income for which you did not receive a slip. So, don’t think just because it came from overseas that you can avoid reporting it on your Canadian tax return. Canada has tax information sharing agreements with most countries in the world, and eventually the Canada Revenue Agency will find out. Canada will give you credit for any taxes you have to pay to a foreign country.
Medical Expenses: if you pay premiums for health and dental through payroll deduction, these are eligible medical expenses.
Home Renovation Tax Credit:
This was for 2009; however, it allows expenses up until the end of January 2010. These can only be claimed on the 2009 return, so if you filed your 2009 tax return without claiming a January 2010 expense you have to file an adjustment to your 2009 tax return.
Good news. Since April 30th falls on a weekend, the deadline to file your tax return is May 2nd.
Write in your tax question and you'll get an answer from our live H & R Block experts!
Remember even if you have no income you must file a tax return in order to receive government assistant cheques, like the HST credit payment.