Vendor Perspective: Top 10 Tax Saving Ideas for 2010

Top Ten Tax Saving Ideas for 2010

1. Deduct home office expenses for self employed individuals, commission employees and T2200 employees.

2. Deduct automobile expenses if eligible

3. Deduct tax credits for

• Medical Expenses
• Public Transit
• Child Fitness Tax Credit
• Tuition and Education Credit
• Charitable Donations

4. Deduct Child Care Expenses

5. Deduct Carrying Charges

6. RRSP Deductions

7. Apply business losses (if any) against employment income or carry them back against prior years.

8. Consider RESP for your children.

9. Keep your receipts.

10. Avoid scams and “too good to be true” offers.

For more information or help with your accounting please feel free to contact www.summitcma.ca