Tax season has started and everyone is scribbling to get their taxes done.
There are so many questions to ask and very few answers for all those questions.
Don't let this tax season gives you stress and headaches. Take a proactive stand on understanding new tax cuts that you can be eligible for. The more knowledge and information you have regarding tax cuts the happier you will be during this tax season.
With each new tax season comes tax cuts that many Canadians are not aware of. The Government is always introducing tax cuts to help Canadians make ends meet.
This article will inform you about significant tax cuts that you can be eligible for.
Are You Eligible for Tax Cuts
All Canadians that file their income taxes for the year 2010 are eligible for tax cuts. You have tremendous opportunity to use these tax cuts available for you and reduce your taxes. In some cases you might even receive a large refund from the government.
The following are some tax cuts available to individuals:
1) Public Transit: Did you use the public transit to go to work, shopping, or business? Make sure you save your receipt. This is an incentive from the government for individuals that are doing their part in reducing their carbon footprint.
2) Fitness Tax Credit: If you are helping your children stay active and fit, then you deserve a tax break from the government. Enroll your child into an afterschool activity and the government will help offset some of the costs associated with the program.
3) Senior Citizen Tax Credit: If you are a senior citizen and paying property taxes you could be eligible to receive this tax credit.
4) Sales Tax: You could be eligible to receive a portion of the taxes you have paid on goods and services.
5) Child Tax Credit: Do you have a dependent child? You are eligible to reduce a child tax credit.
If you are an ambitious entrepreneur and planning to start your own business you are eligible to write off many of your business expenses. A discussion with your accountant will help you organize your expenses, plan properly for your businesses, and allow you a successful transition to opening your business.
Canadian Government
The Canadian government introduces new tax cuts each to help Canadians. There is countless number of new tax cuts that you are eligible for this year.
You need to start taking advantages of these tax cuts in order to reduce your taxes payable and put more money back into pockets.
Conclusion
Take time off from your busy work schedule and visit a professional tax preparer. They will give you more information about tax credit and how you can greatly benefit from them.
Don't give more than you have to and receive the maximum that you are eligible for.
You can take this opportunity to visit a bookkeeper and develop a comprehensive long-term tax strategy for yourself and your family.