10 Tips and Facts on Taxes

The following list can help as a review prior to preparing your tax return:

1. Make sure you have all your information slips. T-4"s etc must be prepared and mailed by February 28th. 
2. Review your room to contribute to RRSP's  If possible top up your contributions
3. Review and invest in RESP's if applicable
4. Are you able to take advantage of tax free savings accounts.  Check with your financial institution to see if your account qualifies, and make arrangements for 2011 now so you can capture tax free interest earnings next year. 
5. Educations credits, possibly transferable from a family member of for yourself.
6. Northern living allowances, travel expenses. If you lived and worked in a designed Northern area then a portion of your income may be a living allowance with can have special tax treatment.  Check with your tax advisor.
7. If you operate a home based business, save all your home operating expense receipts...a portion of them will be a business deduction if your business made a net income. 
8. If you are using your vehicle in your business save your vehicle operating receipts and keep a log of the business km. driven,.
9. If you are and your spouse are drawing pensions, then you may benefit from income splitting.  
10. File your income tax return on time. If you owe taxation dollars, you may be subject to fines and penalties if you file after the deadline. 

Seek professional tax advice when you have a question.