As we move from RRSP season into income tax filing time, please go to - or have a computer savvy friend go to - the Canada Revenue Agency website and print out the "Top things families should know about taxes" page.
Why, you ask? Well, this website could save you hundreds or even thousands of dollars in tax, or produce hundreds or thousands of dollars of often tax-free income.
If you have somebody else prepare your return, I would still skim through the above list from the CRA just to make sure nothing is missed.
Also check your completed 2014 tax return, looking at every tax deduction and benefit you didn't claim.
Even if you find only one tax-saving or incomegenerating opportunity, the few minutes spent on this review will richly reward you. And if nothing shows up, you will know you aren't missing anything.
I would be remiss not to remind you once again of the world of tax breaks awaiting those with self-employed income.
Two women who run a nearby restaurant mentioned they plan to take a cruise in June. "Of course you will deduct the cost," I said.
"Well, no," said one. "How could we?" I explained the CRA allows you to deduct all expenses incurred in an effort to make money from your business, whether full-time or a sideline.
"While you cannot claim personal expenses - and the CRA might consider the cost of a holiday cruise strictly personal - you could counter that to keep your restaurant successful, you need to know what competitive meal creators are feeding their customers. And a lot of people take cruises, which usually have a variety of food outlets.
"Just make sure this strategy is part of your business plan, that you keep a daily diary to show the business rather than holiday side of the cruise, that you have business cards from the chefs, food service managers, etc. and other documentation to back up your research."
Know and use the rules to keep your income tax as low as legally possible.
Mike Grenby is a columnist and independent personal financial advisor; he'll answer questions in this column as space allows but cannot reply personally. Email [email protected]
