Tax Saving Tips – Some Highlights

Sixty eight per cent Canadians are not familiar with new tax savings available to them – A recent poll done by Environics Research for H&R Block shows. I am writing today to give you some highlights of 2007 tax savings.

Basic Personal Amount

The basic personal amount is now $9,600. You don’t have to pay taxes if your income is up to this amount. Goes on line 300 on your return.

Amount for an Eligible Dependent

If you supported an eligible person with an income of less than $9,600, you may be able to claim this amount. Goes on line 305 on your return.

Spouse or Common-Law Partner Amount

If you supported your spouse or common-law partner who made less than $9,600, you may be able to claim this amount. Goes on line 303 on your return.

Children’s Fitness Amount

Up to $500 eligible fitness fees paid for a child may be claimed. I wrote a full article on this. Click here to read. Goes on line 365 on your return.

Public Transit Credit

If you were taking public transit in 2007, you may be able to claim this amount. Goes on line 364 on your return.

Textbook Amount

If you are an eligible student, you may be able to claim this amount. I wrote a full article on this. Click here to read. Goes on line 323 on your return.

This is just a partial listing. Visit Canada Revenue Website for more tax saving tips.

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