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UFile Tax Tips - Helping You to Get the Best Refund Possible

1. It’s tax time again!

Make sure you can find all your tax papers and slips when you need them. Make a big envelope or shoe box your "official tax slip holder". Start with the letter that you received from the Canada Revenue Agency and add any document that may be tax related.

2. Tax filing is a “family affair”.

If you are married or have dependents, prepare the returns for yourself, your spouse and dependents at the same time. Only then can you (or your software) accurately prepare your tax returns and find the deductions, credits and transfers that can get you a better tax refund.

3. Don’t miss the tax filing deadline!

Have your return filed on or before April 30th. This will ensure that you will not be penalized for being late or have to pay interest on outstanding amounts. Plus, if you have a refund coming, the sooner you file, the sooner you get your refund back.

4. April 30th is the tax filing deadline for most taxpayers!

Unless you or your spouse are self-employed. Then you have until June 15th to file your return without penalty. But remember: you have until April 30th to pay any taxes you may owe, or interest will build on your outstanding balance.

5. Year-end tax tip - Medical expense tax credit

A taxpayer can claim a non-refundable tax credit for medical expenses paid by the taxpayer or the taxpayer's spouse. The allowed medical expenses include those paid for the taxpayer, the taxpayer's spouse, or a child under 18 who is dependent on the taxpayer or spouse for support.

6. Year-end tax tip - Tax-Free Savings Accounts (TFSA)

If you have a TFSA and you're planning a withdrawal, consider withdrawing before the end of the year rather than the beginning of next year since amounts that are withdrawn are not added to your contribution room until the beginning of the year following the withdrawal.

7. Year-end tax tip - Moving to another province

The income tax rate in the province you're living in as of December 31st determines how much provincial tax you will pay for the whole year. Therefore, if you're moving to a province with higher taxes, you may consider delaying your move until the next year.

8. Year-end tax tip - Registered Education Savings Plan

Grant room can be carried forward but there are still situations where the December 31st contribution date should be considered. If there are less than seven years before your child or grandchild turns 17 and you haven’t maximized RESP contributions, consider making a contribution by December 31st. If a child or grandchild turned 15 during the year and has never been a beneficiary of an RESP, December 31st is the last chance to contribute a minimum of $2,000 to an RESP in order to collect the 20% (Canada Education Savings Grant) for the current year and be eligible to the CESG for the following years.

9. Should you be filing a tax return?

Keep in mind that your tax return is also a benefits return. Even if you think you don't need to file a tax return, you should still do so to ensure that you claim any benefits you are entitled to.

10. Did you know you should file a tax return?

Even if your income is low and you believe you have no tax to pay? It can help increase your RRSP contribution room. As well, it allows you to claim any tax deducted at source and make your claim for the Goods and Services Tax Credit.

11. Students are entitled to substantial tax credits that should not be missed!

Any family member who is a registered student can claim an amount for the tuition paid. And remember, a student can also claim an education credit and an amount for books for each month spent as a full-time or part-time student.

12. Did you pay education fees last year?

Tuition expenses may be claimed on your tax return for any course provided by an educational institution, as long as the course cost more than $100 for the year. The course must improve occupational skills and be certified by Human Resources and Skills Development Canada.

13. Two plus two makes Five?

Little wonder that the most frequent mistakes the Canada Revenue Agency finds on tax returns prepared by hand are due to mathematical error. To avoid such errors, use a quality tax software like UFile which is also government certified for NETFILE.

14. Student loan interest is deductible.

Get a receipt for the interest charged on approved provincial and federal student loans. If you cannot use the deduction on this year’s tax return, a tax software like UFile is designed to carry forward and use the balance of interest in future years.

15. Don’t miss this important tax credit