Hass Associates Accounting: 9 Tax Tips that will save you Money

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Hass Associates Accounting

• Hass And Associates Accounting And Tax
  Preparation Business

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• Perfectly legal man oeuvres like income splitting
  and transferring unused credits can improve your
  chances of getting a bigger refund this tax
  season. (Evan Mitsui/CBC)

• Know the limits of the tax software you're using
  and make sure it can handle all the tax scenarios
  you need it to. (Ryan Remiorz/Canadian Press)

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9 Tax Tips that will save you Money
Offering tax tips is a bit of a growth industry
these days, and we here at CBCNews.ca aren't
about to fight the trend. So, we've gathered a
few general tax-wise suggestions and sprinkled in
some specific tips to produce the following list
of actionable ideas that could pay big dividends.
1. Consider making a 2,000 over-contribution to
your RRSP.   Tax rules allow you to contribute up
to 2,000 more than what you're eligible to
contribute to your RRSP without attracting the
usual excess contribution penalty, which is one
per cent of the excess amount for every month of
the contribution year that it stays in the RRSP.
2. Proceed cautiously if a CRA auditor asks you
to sign a waiver.   Under normal circumstances
in other words, no suggestion of outright fraud
the tax department has three years to carry out a
reassessment of your tax return.
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3. Be sure to take advantage of all
income-splitting and pension-sharing
opportunities.   Taxpayers can apply to share
their Canada Pension Plan (CPP) retirement income
with their partners if both are 60 or over. While
pension sharing is not considered to be the same
as pension income splitting, CPP pension sharing
accomplishes much the same thing putting more
income into the hands of the lower-income
partner.
4. Don't assume that you dont need to bother
filing a tax return because you have no
income. Some low- or zero-income earners still
think there's no need to file a return. This
misunderstanding can cost thousands of dollars in
lost benefits and credits like the GST/HST credit
and the Canada Child Tax Benefit.
5. Be sure to report all T-slips.   Here's a
possible scenario You file your 2013 return and
later discover that you've failed to include a
T-slip reporting income or a dividend payment.
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