Maximized Your Income Tax Return

2022-02-22 | 06:52:31

Here are some tips on how to maximize your income tax return. 

If you worked from home more in 2021 you can claim $500 toward working from home expence without filing a T2200. If you are a sole proprieter, using a detailed approach may be better for you.  If you have not contributed to your RRSP, you have until March 1 to contribute toward your 2021 taxable income. You have a couple options, you can contribute up to 18% of your annual income and if you do not use it, you can carry it forward.  If you and your spouse have a major income difference you can look at spousal RRSP.

The CRA allows you to claim some medical expenses, but make sure you keep all your receipts and backup documents. If you moved more than 40  kilometres to work or run your business or study full-time, you can claim a number of moving related expenses.

Giving money to a registered charity, interest on student loans or have taken classes and received a T2202, don't forget to include these when filing your income tax. 

File on time. If you file late you will receive a penalty and will need to pay interest if you owe money.

If you need help in paying your income tax you may be able to use the equity in your home. Contact me about your situation.

 

https://www.thestar.com/business/personal_finance/2022/02/21/seven-ways-to-get-a-bigger-tax-refund.html?rf

 

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