Too many tax provisions left unclaimed says Evelyn Jacks, Canada's most
trusted tax author
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WINNIPEG, Feb. 16 /CNW/ - Every year millions of Canadians leave real
money behind—and lots of it--by failing to file tax returns to their
family's best advantage, including lucrative refundable tax credits
that increase monthly income, Old Age Security, and numerous deductions
that reduce taxes payable. This is money that could be used to maximize
investment opportunities, says Evelyn Jacks, author or the 6th edition
of Essential Tax Facts and 45 other books on the subject.
"In fact, filing a tax return is the single most significant financial
event in the year for millions of Canadians, and one of the first
places cash-strapped investors should look for 'new money'" says Mrs.
Jacks, who served as a member of the federal Task Force on Financial
Literacy, which released recommendations for a national strategy on
financial literacy last week. "Tax literacy, therefore, is a very
important subset of financial literacy."
Mrs. Jacks has included a series of quizzes to help Canadians test their
Tax IQ in her annual guide book this year.
"Do you know what you don't know? That's the challenge, says Mrs.
Jacks, who is also President of The Knowledge Bureau, a national
educational institute focused on excellence in financial education for
advisors and their clients. "Simple quizzes can bring taxes to life for
Canadians who are less than excited about the annual tax filing
task. Once hooked on their new tax knowledge, we hope that readers will
take the opportunity to drill down and learn more on the latest tax
changes and over 200 quick and easy Essential Tax Facts contained in the book so they can participate more fully in claiming
available tax preferences."
Even those who choose to pay for tax preparation can benefit, says Mrs. Jacks.
Increasing your tax knowledge will help you to ask better questions,
and get more than your money's worth from your relationships with
What's New? 11 Key Tax Profile Changes for 2011
Employees: Learn about new Tslip reporting, changes to employment deductions and
credits, new stock option rules for executives, lucrative moving
expenses, increased truckers meal claims and how the new HST may affect
your tax write-offs.
Single Parents: Use new rules for income and benefit-splitting with your ex and the kids
Boomers & Kids: Use your RRSP to buy a home, finance education, avoid clawbacks
Seniors: Get ready for new early CPP benefits: split income from pensions and
Families: Use public transit, charity and activity credits; write off more medical
Investors: Use last year's capital losses this year, maximize 1% prescribed
interest rates, lower dividend gross-ups and tax credits.
Proprietors & Property Owners: Watch out! Avoid traps in new audit letters from CRA, and understand how
to tap into EI for maternity, parental and other special benefits.
Delinquent Filers: Learn to avoid penalties & recover taxes owed to you from 10 years back!
In Debt? Understand the difference between good and bad debt, from a tax point of
New Executors: Understand how to minimize, defer taxes filing final returns
Newly Disabled? Tap into new medical, disability, and other tax supports.
"Tips on minimizing taxes are the most wanted financial literacy skill
for 79% of Canadians" National Survey on financial literacy by the
CICA, January 2010
ABOUT THE AUTHOR. . .
Winnipeg-based Evelyn Jacks is President of The Knowledge Bureau, a national educational institute
focused on providing continue professional development for financial
and tax advisors. She is the author of over 45 books on tax, personal
finance and leadership issues and recipient of numerous national and
international awards including the prestigious Canadian Woman
Entrepreneur of the Year Award. She is also a member of the Task Force
on Financial Literacy, appointed by Finance Minister, Jim Flaherty.
Books by Evelyn Jacks, including Essential Tax Facts, Master Your Taxes, Make Sure It's Deductible, Get Your People to Work Like They Mean It, can be found at Chapters Indigo; Amazon; the Knowledge Bureau and in better bookstores everywhere. Follow Evelyn Jacks on her Blog: www.evelynjacks.com; on Twitter: email@example.com
About The Knowledge Bureau
Knowledge Bureau is a leading national educator focused on continuing
professional development for an inter-advisory team of professionals
that work with Canadians who want expert service in the area of tax,
investment, retirement and estate planning. It also publishes books for
consumers on financial education. For more information visit www.knowledgebureau.com
About The Task Force on Financial Literacy
The Task Force's report, entitled Canadians and Their Money can be downloaded here.
/NOTE TO EDITORS: Media Assets accompanying this story are available as
SOURCE The Knowledge Bureau
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