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Last-minute tax tips could save you cash

With just a few days to go before the April 30 deadline forfiling your personal tax return, you can still improve your tax situation bypaying careful attention to all the available deductions and credits, and howyou claim them.

With just a few days to go before the April 30 deadline for
filing your personal tax return, you can still improve your tax situation by
paying careful attention to all the available deductions and credits, and how
you claim them, says KPMG.

.>> One tip the firm offers is that if you are a
Canadian resident, you may be eligible for tax savings just by filing your tax
return. As announced in the federal government's fall Economic Statement, the
lowest personal tax rate has been reduced to 15 per cent (from 15.5 per cent).
This rate cut, which applies to taxable income up to $37,178 for 2007, is
retroactive to January 1, 2007. The amounts used to compute the basic personal
tax credit, the spousal credit, and wholly dependant person credits were also
increased. As a result of these changes, a single tax filer with income over
about $38,000 may be eligible to receive overall tax savings of about
$240.

.>> If you kept your monthly transit passes for
travel during 2007 on local or commuter buses, subways and trains, remember to
claim the transit pass tax credit on your 2007 personal tax return. You may
also be able to claim the credit for monthly passes used by your spouse or
child under 19. Starting in 2007, weekly transit passes are also eligible for
the credit, provided you bought at least four consecutive passes that grant
unlimited transit use for five to seven days

 
 
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