When you are calculating a mileage claim for certain tax deductions, like medical expenses or moving expenses, you are allowed to use a simplified method to determine your mileage costs.  The simplified method lets you use a flat per-kilometre rate.

For 2011, these rates can be found here:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns248-260/255/rts-eng.html

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RRSP Deadline: 2012


January 9th, 2012

Don’t miss the boat on RRSP’s…….. 2012 is leap year, so rather than your usual March 1st deadline, you only have until February 29, 2012 to purchase an RRSP for the 2011 tax return.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/dts-eng.html

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Children’s Art Tax Credit


December 28th, 2011

New for 2011, you may be able to claim the Children’s Arts Tax Credit.  Your child needs to be under the age of 16 at some point during the year (or 18 if disabled.)

Qualifying activities can include a wide variety of things, including activities that:

  • contributes to the development of creative skills or expertise in artistic or cultural activities;
  • provides a substantial focus on wilderness and the natural environment;
  • helps children develop and use particular intellectual skills;
  • includes structured interaction among children where supervisors teach or help children develop interpersonal skills; or
  • provides enrichment or tutoring in academic subjects.

That covers a huge range of activities.  If your child is more into sports, remember you may be able to claim the Fitness Tax Credit.

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The Registered Disability Savings Plan is apparently an often overlooked tool.  The RDSP allows you to save money for a disabled persons long term financial stability.

You can put funds to a registered plan, and the government of Canada will contribute additional funding.

The total grants can be quite lucrative, and may get even more so, since the plan is currently under review.  Read up on it here and here.

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