TORONTO, April 23 /CNW/ -
1. The first $200 of charitable donations yield a lower tax credit. If
you and your spouse make charitable donations, it may be wise to
combine them on one return - let the spouse with the higher taxable
income take advantage of the credit.
2. Premiums that you paid to private health plans may be claimed as a
3. Interest payments on federal or provincial government student loans
are tax deductible but this does not include personal loans.
4. The $500 Children's Fitness Credit is available for any child under
16. The activity needs to promote physical fitness and be at least
eight weeks in length. Check the guidelines and ask the organization
to provide a receipt that you can claim on your taxes.
5. Income from all sources must be reported. For restaurant servers -
this means your tips too. It is better to report your tips up front
than be subject to a penalty if you are audited.
A local H&R Block tax professional can talk about other tax tips and
About H&R Block Canada
H&R Block Canada prepares nearly two million tax returns annually, making
it Canada's leading tax preparation firm. Headquartered in Calgary, Alberta,
the company serves Canadian taxpayers in more than 1,000 offices across the
country. H&R Block Canada Inc. is a subsidiary of H&R Block, Inc., a
diversified company with subsidiaries providing a wide range of financial
products and services. Additional information about H&R Block Canada is
available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.
For further information:
For further information: Tina Quelch, Calador Communications, (416)