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22 - WATERLUO CHRONICLE - Wednesday. April 2i. 2010 Avoiding the common tax am e myths and mistakes It might be a shoebox or a big file out it can become very confus- income so I don't have to file. I‘m too young to file return math mistakes folder or even a paper bag from ingl Here's some common miscon- You should always file a tax You're never too \l \‘ l \ - are very common, You . your grocery store. It’s the place ceptionsabouttaxfiling. return so you can claim the young. ' \3 3 3 could end up paying Wham you stash all the receipts, [ax CST/HST credit, the Canada Child Young people _\I()\ I\ more than you owe. slips and other stuff that you think lhtvenolnoome . Tax Benefit. and any other tax should file a return _ 3 you're going to need cometaxtirne. credits or deductions that may even if their income is 3 5 V, '. Failure tonic And when you pull all of that The first one is, i don't have any result inarefund. under the $10,320 ' When you fail to file 3 basic personal exempv ‘ ~ : a caregivers claim you . - tion to get back tax " _ . Q n lose out. You can make . a; 3 withheld at source, to ‘~ . f ' ' this claim if you’re tak~ , "" «go/Item. n mm add to Registered . - . $5.. " ing care of a disabled i t k 1 Retirement Savings ‘ f child or your aging L ' . Plan (RESP) contribu- } * . ‘ parents. . " ' tion room, to trigger a [ TC )WN CST/HST credit {if y lnvafldexpensa ! I turning 19 in the next . ‘1 You can claim only 1 j; 1 year). or to prove they a," 3 3 ,_, _ 3 3 3 33 those expenses actual~ a?!” ' m e e s have no income if ly related to your job. . $541 applying for federal/provincial such as automobile or home office loans and bursaries. expenses. Other expenses. like dry cleaning for example, do not Child taxbeneflt qualify. My spouse can claim the child tax benefit for both of us. A spouse in the house The problem is that each Not reporting a common law . , spouse has to file to get this credit. relationship (including same sex couples) is a common oversight. flier-Boeiptsareinaslmbox You must file as a common law 3 I Some think that just because i couple to receive the same treatâ€" ‘3 e-file my return I don't have to mentas married couples. _ . worry about receipts Whether you e-file or send in a lnthedark paper return. you must keep all Not being aware of new credits supporting documentation in case can also cost you. For example. the the Canada Revenue Agency (CRA) Home Renovation and First Time ’-: asks for it. otherwise your claim Home Buyers‘ credits are new this ~ \ can berejected. year. 1 Your personal ‘shoebox' can “inmeMlstakes take many forms. A professional “e adviser can help you sort it all out ‘s - "’ ‘ I’m too Ingwwhybother? toW'our best financial advantage at The number one mistake is fail- tax time and for all the times of E3 ‘ ure to file by deadline. your life ‘ - if you are paying taxes. you will ... ‘3 3 face a late filing penalty of five per This column, written bylnuestorx . cent plus one per cent for each GroupFinancialSenricetInc. month your return is late. up to 12 presents general information only ,1 months. and is nora solicitation to buy or \ _.‘ You will also lose the option of sell any investments Contact Russ '_, \\_3 .‘ lowering taxes through income- Mcfizchnie CF}? CSA.CDFA .33 \ splitting. at519-886-2360 ext. 241 or $3. 2â€" mail him at e I -. J Adding lt up wrong Russell "treachm’e SPECIAL BUY / H, 4- . ‘ According to the CRA. tax @muestorsgmuplcom We ‘1'“ « . w; ’1’ ‘ ' ~ I a. W >3"- ;' "V’" 3:13? 68 8 ' i ”as g ,1 . f g; . ,3 a," 13%“; I“. an, “.3" 1351.3: 2 “gain our 33?? » e13 awfir‘agt . . ' i 7. in? - r' - we} . ,5. ~, “is". 5.1?) m” 1 ' - mm , .1 498“ 1 f it. ,1 , 3 (mlum lll'llmli. xi Hilllllll \lllu\ ‘ 57.31,. 3 ‘ . \l't ll Ilwl \HLI“ |'.i|n 3 1%" 3 . V i _ '" l’l.mli|| limitiis ‘ . ' . _ H.11Iiii High \iiinillui. “tritium Great Deals 'on Great Balls' ‘ W f \.iil l'l‘il‘ltlll‘. \.nl\m;;ux\ ~ ‘ 3 3 '- thlixxutul \lxlll.\lillil\ \lttlituu ‘ kW. ' (a 3 , inn! titlulIIJ‘trJiiilIt Ittlil‘ .HI i\ I tilltdll'rll . , .1 ' I‘ll'llltlllllllfllt ( Ullllllllilh » . H H . H. ‘ (M. ’, . .11 . 1 M ”in“ I will i .Ht ...\ \llll't ‘ V V , . i v "I“ 59“!“ 3U) a“ “at!“ 5U? ‘ I " ”lint/mm m/‘uv'u/xwv’in” tum/y lb. 1998 Bath qu apt 4999 “in,” i mm“! in1/;..,,,/./,»',.it./.,,/. a“ 3 ' ”I ,,./"l 3‘ ... ' I ' " . sud-:1 «new '1’”) ' .4. -. ' j m a!“ 313 “We; ummmnmumfiM~ummmm . 3 . 3 x .3. '3 3 his}: *3 3 110 Fairway Road South, Kitthenrr, 0N Nit in ‘ ' a». ’7‘i - . . . ., .77§-%;231531fi *3 , iii . _ _. _â€"_____â€"_â€"_â€"__â€"-â€"â€"â€"â€"_