Getting your taxes ready to go
For instance, many postal outlets have the T1 General Tax Forms and Guides available to pick up and income tax preparers are busy advertising their services.
But before you get started, Canada Revenue Agency (CRA) offers some helpful tips to get you off on the right foot this year.
Make sure you file your tax return on time to avoid any late filing penalties and fees. The deadline for filing your personal 2012 income tax is April 30, 2013.
Ways to save money and receive a tax break include a Tax Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP). With a TFSA, interest, dividends and capital gains earned on investments are not subject to tax. Any contributions to your RRSP are tax deductible and any income you earn in your RRSP accumulates tax-free as long as the funds remain in the plan.
Make sure you keep all your receipts. Some donations you have made may qualify for a charitable tax credit.
Other things to keep in mind are any eligible sports or activities in which your children participate; if you are a caregiver for a dependent with a mental or physical impairment; if you were a student in 2012 you may be able to claim some of the expenses like tuition, books and interest on your student loan; and you may also be able to save by claiming the cost of your transit passes.
You owe it to yourself to find out more information on how you can save on your income tax return.
By Donna Donaldson, MSN Money
Have you started thinking about your income tax return yet? Do you prepare your own by hand, do it online or with a program, or use a tax preparation service or accountant?