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tax tips

Money Saving Tips, Taxes

New Credits To Use On Your 2011 Tax Return

Children’s Art Credit: Enrolling children younger than 16 in artistic, cultural, recreational or development programs means parents can
claim up to $500 in registration or membership fees with the new Children’s Art Credit. This includes activities like scouting, painting, pottery and tutoring. It means about $75 in tax savings. And you can still claim the Children’s Fitness Credit for programs involving physical activity.

Examination fees: If you pay fees to take an examination that is required to obtain a professional status or to practice a profession or
trade, you can now claim them as tuition if the fees are more than $100.

Students studying abroad: Instead of having to study for 13 consecutive weeks outside of Canada, you can now study for only three
straight weeks and qualify for a tuition credit as well as the education and textbook tax credits.

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Taxes

When To Hire A Tax Consultant

Ah, tax season. It’s just about everyone’s least favorite time of year (unless, of course, you’re in the business of taxes – then it’s probably your favorite time of the year). And it’s understandable why everyone gets so annoyed come tax season, because if you aren’t well-versed in the language of taxes they can be confusing, time-consuming, and extremely frustrating. But as much as everyone may want to take the easy route and fill out the 1040-EZ tax forms with a few clicks of the mouse on the computer, sometimes it’s better to go ahead and hire a tax consultant and have them handle it for you. So how do you determine if you should be hiring a tax advisor?

1.      You’re a contract employee

When you’re hired on a contract-basis and you don’t have taxes withdrawn from your paycheck that means you have to pay the taxes at the end of the year. It can be valuable to hire a tax advisor to help you figure out what all you need to pay and what you get to deduct as ‘business expenses’.

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Taxes

Free Tax Preparation For Canadians On Social Assistance

Many people don’t realize it, but filing a tax return on time is especially important for people who rely on social assistance, because it triggers many government benefits such as the Canada Child Benefit.  Families that don’t file their taxes by the deadline risk having their benefits interrupted.   Filing a tax return doesn’t have to be expensive.  In fact, there are several free options:

  • H&R Block is offering free tax prep at participating locations for people on social assistance until February 24th (see media release below)
  • Canada Revenue Agency holds volunteer tax preparation tax clinics in some communities (http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/clncs/menu-eng.html)
  • Many online tax filing options are free to people earning less than $20,000 (H&R Block online, Studio Tax, etc.)
  •  Pick up tax forms from the post office and go the traditional pencil and paper route

H&R BLOCK CANADA OFFERS EXTRA HELP THIS TAX SEASON

Free tax preparation for Canadians on social assistance

 CALGARY, Alberta – (January 30, 2012) – H&R Block Canada is expanding its free Block Builders tax program for a limited time to help taxpayers on social assistance or Universal Child Care Benefit (UCCB) or both get their tax returns prepared at no charge at participating locations until February 24.

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Taxes

Are You Missing Out On Tax Refunds?

H&R BLOCK CANADA FINDS MORE THAN $50,000 IN

MISSED TAX REFUNDS IN ALDERGROVE, B.C.

Nearly a third of the participants on the Million Dollar Neighbourhood TV series made errors on their returns

Calgary, AB – January 23, 2012 – It is only the first episode of Million Dollar Neighbourhood on OWN: Oprah Winfrey Network (Canada), but thousands of Canadians may have money hidden in their tax returns. H&R Block’s Second LookSM review of tax returns in Aldergrove, B.C., resulted in an additional $50,000 in tax refunds. H&R Block tax professionals found nearly one third of the participants missed credits or deductions and, of the taxpayers with refunds, the average amount was $1,571.

Million Dollar Neighbourhood is a new original series offering an unprecedented social experiment set in Aldergrove in which 100 families have only 10 weeks to raise their collective net worth by $1 million. The first episode aired January 22, featuring H&R Block tax specialists in a segment.

“For most taxpayers, receiving a Notice of Assessment means their tax return is approved, but it doesn’t mean you claimed everything you are entitled to,” says Cleo Hamel, senior tax analyst, H&R Block Canada. “In our experience in Aldergrove, we uncovered missed credits and deductions that resulted in refunds from $100 to more than $10,000.”

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General

Starting The New Year Off Right

Well, it’s 2012 finally. The planets are aligning in a way that will disrupt the electromagnetic orientation of the Earth and destroy life as we know it. At least that’s what the Mayans predicted when they ended their vaunted calendar later this year. But one thing the Mayans didn’t have insight into is your financial status this fall. There is no calendar for that because it’s a constantly fluctuating variable. The Mayans also didn’t have insurance quotes, title loans, low interest credit cards, or any other relevant financial advice. So, to pick up the slack, here are some personal finance tips to help you start the new year off right:

Get started with your taxes now, while you’re sane. They’re coming, as assuredly as death. The Taxman lurks around the corner this time of year, waiting for his spring offensive. If you know you’ve got your work cut out for you fending off the IRS, you should get started now. Not only will you spare yourself the cost of hiring a professional tax filing service, you’re more likely to get money back off remembered deductions.

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