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Posted March 24, 2011 by admin in Finance
 
 

Your 2010 tax return: 5 ways to help you save!

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It’s that time again! That’s right, tax time. Have you been procrastinating? The deadline to file your 2010 tax return is April 30, 2011.

I know it’s a headache, searching through receipts and statements piled in a (or many) random spot(s) in your home. Baring your financial habits to the stranger you are paying to file your tax return correctly. Instead of considering it a burden, think of it as a possibility to save!

The government offers tax credit opportunities for individuals and families, and you should take full advantage. It’s not often they give the little guys a break.

Be sure to consider the following 5 credit opportunities while organizing your taxes:

  1. Public Transit Tax Credit: You can claim up to 15% of your monthly or yearly public transit costs;
  2. Children’s Fitness Tax Credit: You may be eligible for up to $75 return if your children (under the age of 16) were enrolled in physical activity programs (e.g. swimming, soccer, ballet, gymnastics, etc);
  3. Child Care Expenses: You can claim expenses related to having your child (under the age of 16) cared for, including daycare, nursery school, day camps, in-home caregivers, or educational institutions;
  4. Caregiver Amount: You may claim up to $4,223 if you have shared a dwelling and have cared for a dependant (over the age of 18) who is dependent on you due to a physical or mental impairment;
  5. First Time Home Buyer’s Tax Credit: You can claim up to $5,000 as a first-time home buyer if you, your spouse or common-law partner bought a qualifying home.

Now that you feel inspired to claim what is rightfully yours, get going. I have prepared a basic Tax Return Checklist that can help you get started. Of course, please add to and modify the document to suit your needs. And, be sure to click on the provided links to learn more about each possible tax credit.

Many happy returns!

MM