How To Get The Most Out of Your Tax Return

Get what’s yours this tax season with a few tips and help you make the most of your tax return. You can thank them when your refund lands in your bank account.

1. Timing is everything. Consider this your save-the-date notice. The deadline for filing your 2016 personal tax return is May 1, 2017, and June 15, 2017 if you’re self-employed. Mark the date on your calendar and submit before the tax deadline to avoid late filing interest and penalties. Remember that it’s never too early to start preparing for your tax return. Start organizing your T4 and other slips as soon as they arrive.

2. Report medical expenses. If you received medical care this year or if a family member suffered from an illness or disability, find out whether those medical expenses can earn you a tax credit. If you moved in with a parent 65 years or older or a dependent who is infirm, then you are considered a caregiver and can claim additional credits.

3. Transfer any unused credits. If you’re married or have a common-law partner, you can transfer a variety of unused tax credits — such as the pension income amount, age amount and disability amount — to your spouse or partner. There are also several credits for students that can be transferred to a spouse, parent or even grandparent if they don’t want to carry forward the unused amounts themselves. Parents, this means you can claim things like your child’s tuition, education and textbook amounts.

4. Families matter. Wouldn’t it be nice to have a chunk of change for a family vacation next year? To maximize your return, make sure you claim all expenses and deductions you are entitled to as a family. If you paid for childcare or if your children played a sport or participated in a recreational program during the year, you may be able to claim these. Just make sure to keep all your receipts.

Speak with a tax expert if you have any questions, or file online with H&R Block’s free online software.

SOURCE: www.newscanada.com