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Tax Planning 2009

                                                    Tax Year -2009


 Tax tips which  will help you  plan your taxes before tax filing.


  • Maintain a Travel Log for distance you cover for personal driving or driving for employment.
  • If you are a commissioned employee you can claim Employment related expenses as long as you are required by your employment to have these expenses incurred by you. examples of such expenses are parking, gas expenses, train fares , home office expenses like office supplies, salary paid to any staff etc.
Your employer has to sign Form T2200 to confirm tha by terms of employment you are supposed to bear the cost of employment related expenses.


  • Do you know you can deduct interest on amount borrowed to purchase a vehicle you use to earn your employment income. there is a formula which can be used to claim interest :
  • Lower of following two amounts:$10 x number of days interest was paid.
    Actual interest paid in the year.
  • As a trade person you can claim Cost of new tools if you are required to use your tools in your employment. Cost above $ 1000 upto $500 can be claimed for tools.Plan your RRSP contribution . Talk to your financial advisor if you need to leverage your investment and repayment of loan to contribute is affordable. By leveraging your contribution, you can build you nest eggs and can have significant tax refunds which should be used again to pay off loan you took to fund your RRSP.
  • If you are in higher income tax bracket, consider Spousal RRSP Contribution
  • Retain all Child Care Expenses Receipts.These expenses are deductable by spouse with a lower income.
  • You may be eligible to claim Caregiver Credit for giving in home caregiver services to any relative who you live with in the same home .
  • If you are eligible for Disability Amount Credit for self or eligible dependant, a non refundable tax credit may be available. If you are applying for the first time you will need to submit T2201
  • Make sure you have all details regarding your tution fee, interest on student loan ,certificate from educational institution.
  • Retain Transit passes to claim credit for 
  •  yourself
  • your spouse or common-law partner; and your your spouse's or common-law partner's children who are under 19 years of age on December 31, 2009.  
To have more details on What's new for 2009 tax and benefit return click on link below:

http://www.cra-arc.gc.ca/nwsrm/txtps/2010/tt100108-eng.html


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