My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Friday, February 1, 2013

Tax Tweets of the Day for the Week Ending February 1, 2013

My twitter tax tips for this week are listed below. Nothing too fancy there, I like next week’s better. However, I’ve added a couple quick comments to the tips below.

Tips for Week of January 26- February 1,2013

University/College students must print their T2202a tuition forms issued by their school to claim or transfer #tuition credits. #blunttaxtip

Note: University students are notorious for not printing out their T2202a tuition forms and holding up the filing of their parent’s tax returns. These forms are sent by the Universities and Colleges to their student’s portals typically in the next week or two. Please remind, or in my case, harass your kids to print out the form and email it to you.

Ensure your children’s activity receipts are marked paid in full to claim fitness/arts credits. #blunttaxtip

Obtain capital loss, HBP, #RRSP & #TFSA limit info from your online CRA acct. or 2011 tax assessment. #blunttaxtip

Note: It is very important to ensure you have updated carry forward information for your capital losses. You want to ensure you claim the maximum amount of capital losses carryforward against any current year gains.

If you have self-employment or rental income, summarize the income & #expenses now, so you’re not rushed/miss expenses. #blunttaxtip

If you moved to a new work location in 2012 >40km away, gather & summarize your receipts to support the claim. #blunttaxtip

Note: If you moved to a new job this year, it is very important to gather all your receipts for any expenses you incurred and summarize as required by the CRA. See the link above and the form T1-M to understand what expenses are eligible and how the CRA wants these expenses aggregated.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

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