Save money with these tax tips - MoneySense

Save money with these tax tips

Take advantage of these tips and you’ll end up with more cash in your wallet.


While the mere mention of the April 30 tax deadline makes most Canadians sick with dread, there are a number of savings tips out there that can lessen our financial fears, Globe Investor reports.

A good rule to follow is pay your remaining balances on time — there is a 5% penalty in place for stragglers. And, make sure you include all relevant slips and receipts — the Canada Revenue Agency will accept a note with the name and address of the payer in lieu of this. Do these two steps and you’ll see immediate results.

Canadians are also encouraged to look into things like pension splitting, which allows you to take advantage of your partner’s lower rate of taxation, and claiming legal fees in the case of a lost job.