The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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Income Tax Tips

Medical Expenses
Everyone can receive a 15% tax credit for eligible medical expenses, which exceed the lesser of 3% of
your net income or $1,903. There are a variety of eligible medical expenses that can be claimed, please
review the CRA booklet for eligible expenses or see your accountant for further information.

Charitable Donations
Regardless of which spouse or dependent made a charitable donation, one spouse can and usually should
claim them all. This can make a difference because the federal tax credit is 15% on the first $200 and
29% on everything over that. If both spouses made donations of $200 and each claimed their own you
would only get 15% federal credit on the entire amount. If one claimed both donations, $200 would be
at 15% and $200 would be at 29%.

Income Splitting
As a general rule, a couple will pay less tax if their income is split evenly. This is rarely the case so you
may want to look for ways to shift income from the higher earning spouse to the lower. Investment income
is usually a good place to start. If the higher earning spouse pays all the bills out of their bank account,
and the lower spouse uses their income to invest in GICs, all of the investment income can be claimed by
lower income spouse. Too often couples have one bank account and often one taxpayer will claim all the
income earned. See your accountant for further information on income splitting strategies.

Eligible Dependant Personal Credit
Where there is no spouse, but you have a dependent child or another dependent.

Pension Income Tax Credit
15% of the first $2,000 of pension income.

Caregiver Tax Credit
Where the dependent's net income is less than $13,431.

Infirmed Dependants Tax Credit
Where the dependent is over 17 years of age and their net income is less than $5,581.

Adoption Expenses Tax Credit
15% of net eligible expenses up to a maximum of $10,000.

Interest on student loans
15% of interest paid.

Public Transit Passes Credit
15% of the cost of passes.

 
Tax Services Toronto
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Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: taxes@garybooth.com
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Tax Services Toronto | Income Tax Tips | Charitable Donations, Regardless of which spouse or dependent made a charitable donation, one spouse can and usually should claim them all.