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Tips For Tax Payers

How to Save Money During Tax Season 2014

Date: March 2014

If you’re looking for professional assistance during tax time, the Navigator Consulting Group is always ready to help. Read the following information to find out how to save money during tax season.

Valuable Information For Private Persons

  1. CRA offers you to create your personal account and choose direct deposit, this way you’ll be able to plan your taxes beforehand, monitor your tax information, transfers to TFSA and RRSP contribution limits. Avoid delayed submission of tax slip to prevent penalty charges and сheck the accuracy of your credit and benefit payments.

  2. Use Tax-free savings account (TFSA) to save your costs. Capital income, interests, dividends gained from TFSA contributions are not subject to taxation.

  3. Registered retirement savings plan (RRSP) is one of the best ways to minimize taxes and provide for your retirement. Investments to RRSP are not taxable and the profits you gain in your RRSP are not subject to taxing if the money is held there. We have prolonged the RRSP investment term for 2013 until March 3, 2014 (Monday), since March 1 is on a Saturday.

  4. Charitable contributions of money, products, land etc, provided to an official charity recipient may be subject to tax credit deduction. If you made donations of cash up to $1,000 after March 20, 2013 for the first time, you may also be eligible for new first-time donor’s super credit.

  5. If you have a family there are some things to know about saving on your taxes. You can save money by involving your children in some activities – but make sure you’ve got the receipts! If one of the members suffers from mental or physical disabilities, you have the right to request an extra $2,040 as a part of tax benefit, which is calculated in accordance with the family caregiver amount.

  6. People, who were students in 2013, may reduce taxes by making a claim for their tuition fees, education, textbook amounts and student loan interests.

  7. Seniors – You can cut you pension income tax by splitting a half of your pension with your husband/wife or a civil partner. Besides, you have the right to claim the complete amount of medical expenses that you paid as well as disability and age amount tax credit.

  8. Public transit amount – if you prefer public transport and have a transit pass you may claim its cost and save your money.

  9. If you became a home buyer in 2013, having purchased a house for the first time, than it’s possible for you to save $750.

  10. If you receive a poor salary and your tax treatment is not very complicated, Community Volunteer Income Tax Program (CVITP) will help you to file your tax declaration.

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