TORONTO, Dec. 1 /CNW/ -
- Live Green: If you decide to ditch your car and take transit, make sure you keep your monthly or consecutive weekly passes and receipts so you can claim the Public Transit Pass Tax Credit.
- Change Careers: Want to take your job and change it? You are allowed to borrow up to $10,000 from your RRSPs under the Lifelong Learning Program to help you go back to school.
- Build a budget: If you are putting together a household budget, you should also take the time to review your tax situation. You should make sure your source deductions match your current life. Life changes like having a baby could alter how much tax should be deducted from your paycheque.
- Save for a rainy day: Putting a little money away every week can add up and a Tax Free Savings Account can allow your money to earn investment income tax free. The annual contribution limit is $5,000 but it is important you understand the rules on deposits and withdrawals.
- Higher Education: Whether you are planning to contribute to a Registered Retirement Savings Plan (RRSP) or a Registered Education Savings Plan (RESP), you should think about it before the deadline day. Regular contributions throughout the year may be the better option.
- Helping Others: If 2011 is the year you decide to be more charitable, you can claim a tax deduction for donations to recognized charities. Make sure you keep receipts and if you have doubts, check to make sure the organization is registered with Canada Revenue Agency. There is no deduction for volunteer hours but they make you feel good.
- Be Proactive: Procrastinating about filing a tax return is common but you can make the pledge to file your 2010 tax return before the deadline. But if you do want to procrastinate, you will have two extra days since the deadline is May 2, 2011 at midnight.
A local H&R Block spokesperson can discuss other tax tips for people making New Year's Resolutions.
About H&R Block Canada
H&R Block Canada has been preparing taxes for more than 40 years and is Canada's leading tax preparation firm. Headquartered in Calgary, Alberta, the company serves Canadian taxpayers in more than 1,100 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:
(416) 925-6034 x 22