Kasme your tax retu

n pain

Special forms from Revenue Canada help save you time

IF YOU dread the approach of
income tax season (and who
doesn’t?), here are some tips to
ease the pain of completing
your return and to ensure that
you get the maximum refund
‘to which you are entitled.

By Larry Bookman
Contributing Writer

First, use the appropriate form.

- Depending on your situation,
you may be able to complete one of
the short or special forms, thus sav-
ing time...

“ -For example, the T-I Special
form is. basically an abbreviated
version of the T-1 General return. It
is appropriate for taxpayers who file
straightforward returns, limited per-
haps to-.submitting a T4 Slip (the
statement of employment income
provided: by your employer), a T-5
slip (statement of investment
‘income), -and: claiming basic
expenses. ;

The T-l Short form i is ‘particular
dy appropriate for those eligible to
‘claim’ child benefits, Remember,
. Fegardless: of: whether you earn
«income: you must file a (ax retum in
order to claim these credits, :

“The-‘T'1: Short may also be used
by: employees who have no sources
"Of income other than employment

ome and:-who are making n no

usual deductions.

The T-! 65+ is a ‘special return
for pensioners whose income is
- “derived mainly from OAS.(Old Age:
_Security),*CPP: (Canada Pension
.. Plath ‘perhaps.a° company pension,

investment income. If not

ved in’ your income tax: pack~
age; ‘the forms are’ available -from
your district taxation office.

By law, you must receive your
income tax form, T4 and T-S slips,
RRSP (registered retirement sav-
ings plan) slips, and any other docu-
mentation required for preparing
your return by the end of February.

By the end of March you should
sit down With this material and your

_ fast year’s lax retum to review pre-
viously reported income and

expenses.
Make a point of going through

‘the Revenue Canada guide provided

with your tax return. It will help
you gather all relevant material
needed to calculate income and
expenses and it even contains useful
tax tips.

As you complete your return, try
to get all the tax relief you can,

Note that you msy"claim med-
ical expenses for any 12-month
period that ends in the year for
which you are doing your return;
you do not have to claim them on a
calendar year basis.

If you have medical expenses

‘from March 1992 through February

1993, you can claim those on your
1993 return if they were not
claimed on ‘your 1992 return.
Married couples who made char-
itable donations exceeding $250
during 1993 will reap tax savings if,
one spouse claims all the donations.
This is because.donations in
excess of $250 earn a larger tax

credit, Either spouse may claim all -

the donations no matter which
Spouse’s name is on the official

- receipt.

If you receive qualified pension
income, the first $1,000 of it is eli-

~ gible fora pension income tax cred-

it, ;
If you cannot use all or a portion

‘of that.tax. credit, you may transfer

unused credits to your spouse.
Children or spouses with tuition

fees at a post-secondary institution
or approved skills-training course
are eligible for tuition expense and
education tax credits but must claim
them on their own tax returns,

If those credits‘are not used up
by the student, they may be trans-
ferred to the student’s parents or
spouse.

If you complete and mail i in your
return but then realize you forgot to
claim eligible income or expenses,
contact your taxation centre.

If your return has been
processed and you have received
your assessment but you wish to
make changes, contact your district
taxation office. Addresses are
included with your return.

Larry Bookman !s a tax partner
with Deloitte & Touche.

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