Filing Canadian Tax Credits 2011 and Tax Deductions Canada

March 31, 2012 - PRLog -- With the Canadian tax deadline almost around the corner, it is a good idea to familiarize oneself with how to make the most of Canadian tax credits for 2011 and then take action with completing and filing your tax return.

To get started with learning about tax deductions, one could read tax filing documentation such as Canada’s General Income Tax and Benefit Guide 2011. However if learning tax guides to discover and understand what tax credits and deductions may be applicable to you, is not something you have time or interest to do, then consulting with a professional tax accountant or local tax accounting firm can provide you with the professional service solution.

There are tax credits and tax deductions for individuals and businesses. There are some considerable increases that have occurred in existing personal tax credits from the 2010 to the 2011 tax year, such as; the basic personal amount tax credit, the spousal tax credit and the eligible dependent tax credit have all increased $10,527. More information about personal tax credit increases on existing tax credits and flow-though shares are summarized on the Madanca.com blog, in a post titled the “2011 New Personal Tax Credits and Deductions Canada” at the following URL: http://madanca.com/blog/2011-new-personal-tax-credits-an ....  Some of the 2011 tax credits for individuals and businesses that are highlighted as tax savings by the CRA (http://www.cra-arc.gc.ca/gncy/txnf/menu-eng.html) are listed below.

For individuals:
•   Children’s arts tax credit.
•   Children’s fitness tax credit
•   First time home buyer’s tax credit
•   Public transit tax credit
•   Pension income splitting
•   Volunteer firefighter tax credit
•   Tradesperson’s tools deduction

For businesses:
•   Hiring credit for small business
•   Computer capital cost allowance
•   Apprenticeship job creation tax credit
•   Investment tax credit for child care expenses
•   Small business deduction
•   Corporation tax rate reduction

To take advantage of tax saving deduction opportunities, it is important that receipts and other pertinent documents are compiled over the year. If you are not sure what documents are important to keep, consulting with a tax preparation expert such as a tax accountant, can help clarify this. If you consult with a tax accountant, they can provide advice on tax saving opportunities to optimize your tax return and can take care of complete tax preparation and filing for you.


About Madan Chartered Accountant

Madan Chartered Accountant is an accounting firm in the Greater Toronto Area that provides professional assistance and guidance in taxes, accounting and consulting for businesses, corporations and individuals.

The Madan Chartered Accountant website: http://madanca.com, offers a variety of information on accounting and taxes, such as a blog with information on tax return preparation, tax deductions, tax credits and tax savings in Canada. The team is made up of Chartered Accountants and Certified General Accountants. The Madan Chartered Accountant accounting firm is experienced and well equipped to offer clients expert advice on a wide range of topics. To learn how this professional tax service solution team can help with tax preparation and filing or other, individuals and businesses can visit the website http://madanca.com and request a free consultation.