Commonly missed tax deductions 2012...

We are well into our tax season and keeping quite busy at that!
Still we're not too busy to bring some important reminders about your tax deductions for 2012.
To keep the list concise I want to bring to your attention some most commonly missed tax deductions, so here is a list.  Take a look and if you have so much as an inkling that you may qualify, call us right away.  We have the knowledge and experience to help you determine your eligibility for any credits you may be missing out on...

1. Always first on my list is the disability tax credit as I have helped many, many taxpayers recieve this credit and claim back up to ten years - resulting in many thousands of dollars of tax savings.  This to me is the single most misunderstood tax credit, and unfortunately those who miss out are also usually those who need these benefits the most!
2. Caregiver tax credit - goes hand in hand with the above.  A dependant child over 18 who qualifies for the disability tax credit and lives at home... means caregivers (often parents) can benefit from this tax credit. 
3. Carryforward credits from Canada Revenue Agency Notice of Assesment in prior year.... are far too often missed.  When I meet with a client, I always ask them to bring their prior tax year notice of assesment.  Often there are "goodies" there which we can use to reduce their tax payable or increase a refund amount.   Too often I see unused RSP contributions which could have provided valuable tax relief!
4. Last for this blog - but surely very important is the pension income splitting opportunity.  Too often I meet new clients who in the past have been "do-it-yourself" tax preparers or used out of the box tax software and did NOT get the maximum benefit of the pension split.  Maximum allowable does not equal maximum tax benefit...so misunderstood!  Our sophisticated software is designed to run through all the variables and determine the absolute maximum benefit in terms of taxes payable when determing amounts for income split.  This is another of those times when we refile tax returns from prior years to help new clients get their correct tax benefits.

So that does it for another blog...keep watching for more valuable tax news and tax tips...I'll try to get some in before April 30 filing deadline!  Always, you are welcome to phone me with questions...www.copebarrett.ca  for contact information, Belleville, Picton and Bancroft