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Don’t make these common tax errors

Don’t make these common tax errors

The following are 4 commonn made mistakes that can problems on tax returns in Canada.

RRSP Contributions not claimed

RRSP contributions made in the first 60 days of the year (Jan 1 – Mar 1 2010) must be reported on the personal income tax return for the previous year (2009), even if not claimed as a deduction.

Contributing to non-registered charities

Contributions made to Canadian registered charities may be claimed on your tax return. Check your receipts for a RR# indicating the charity is registered.

Appliances do not qualify for the Home Renovation Tax Credit

There are many other expenses that qualify – for a complete list, check the Canada Revenue Agency website.

Income slips missed

Compare the slips you received in the current year to your Slips Summary from the previous tax year. Failure to include all your income could result in interest and penalties.

Tuition transfer not correctly calculated

Ask your children for their T2202A OFFICIAL receipt.  They MUST sign the back to designate the transfer.

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