Tax Tips for Canadian Taxpayers

Give yourself some credit … and deductions too!

An accountant prepares a client’s tax return. If you have an amount due, it must be paid by May 5 this year, rather than the normal April 30 deadline, in order to avoid interest. Justin Sullivan/Getty Images

With the extended tax-filing deadline of May 5 rapidly approaching, you still have time to make sure you’re taking advantage of every single tax break you can get. Besides the exemption for the basic personal amount ($11,038 for 2013), there’s a host of lesser-known, but potentially very lucrative, tax deductions and credits you may be able to use to cut your tax bill.

Note that a “tax deduction” reduces your taxable income for the year. For example, a common tax deduction for Canadians is an RRSP contribution. Small business owners, those who are self-employed, or those who have a business on the side may also deduct business expenses.