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Tax Savings 2009


Major savings for tax year 2009 can be found in the following. Download and try out FutureTax to find more.


1. Home Renovation Tax Credit - a non-refundable tax credit of up to $1,350

Home Renovation Tax Credit (HRTC) is claimed on Schedule 12.

 

2. First Time Home Buyers' Tax Credit - a non-refundable tax credit of up to $750

First Time Home Buyers' Tax Credit is claimed at line 369 in Schedule 1.

 

3. Children's Fitness Tax Credit - a non-refundable tax credit of up to $75/child

Children's Fitness Tax Credit is claimed at line 365 in Schedule 1.

 

4. Public Transit Tax Credit - a non-refundable tax credit of 15%

Public Transit Tax is claimed at line 364 in Schedule 1.

 

5. Tradesperson's Tools Expenses - deduct up to $500 from your net income

Tradesperson's Tools Expenses is claimed at Line 1770 in Form T777.

 

6. Pension Income Splitting - split up to 50% of your eligible pension income with your spouse or common-law partner

Pension Income Splitting is claimed on Form T1032.