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Tax Calculators

Tax Saving Tips

Tax Saving Tips for Individuals and Families:

  • Always file on time. The deadline for filing your personal income tax return is 30th April and for self employed and their spouse is 15th June.
  • You must file the personal tax return even if you have no income.
  • Enrolling your child in some physical activities can get you the child fitness credit of $500 per child. So keep all the receipts .
  • you can claim a child care expense if you are paying for your child care and getting receipt .The lower earning spouse can claim it.
  • Keep the receipts of all your Charitable donations and medical expenses . Married and common-law spouses may be able to pool these expenses to maximize their tax savings.
  • You may be able to claim Transit pass credit for yourself and your family.

Tax Saving Tips for Students

  • Students may be able to save taxes by claim their eligible tuition fees, amount spend on text books, interest paid on student loan and amount spend on public transits etc.

Tax Saving Tips for New Immigrants

  • Delay contribution to RRSP until your room is sufficient.
  • If you want to use tax saving vehicle for investment use TFSA instead.
  • Take advantage of Tax savings on foreign major assets as new immigrants having considerable foreign assets allow new immigrants to shelter their financial assets tax-free for up to five years in an Immigration Trust.

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