A great list of tax saving tips for the year 2014 found on CBC’s website outlines nine useful ways that can help save money when filing your taxes. While many of us rush through getting our taxes done; taking the time to explore all options can increase your tax return or increase the amount of savings on your tax bill!
Here are the nine tips as outlined by CBC (for more details, read the original article here):
- Consider making a $2,000 over-contribution to your RRSP
- Proceed cautiously if a CRA auditor asks you to sign a waiver
- Be sure to take advantage of all income-splitting and pension-sharing opportunities
- Don’t assume that you don’t need to bother filing a tax return because you have no income
- Be sure to report ALL T-slips
- If you’re emigrating from Canada, don’t collapse your RRSP too early
- Be sure to transfer any unused credits
- Know the limits of using tax software or online tax-filing programs
- Be sure to claim all eligible medical expenses
Have you followed any of these tips in the past? Have any other helpful suggestions for tax filing? Let us know in the comment section!