Top Tips to Maximize Your Tax Refunds
While Canadians may have a different perspective on how the Government splurges their taxes, when the tax time comes, most of us are seeking ways to pay no more than we owe – or even maximize our tax refunds. Listed here are a few tried and tested strategies that will help you find the right ways to maximize our tax refunds. Think regarding “bunching” your itemized deductions: Certain expenditures, such as the following, can be categorized “itemized” deductions: Charitable contributions Deductible taxes Interest expenses Medical & dental expenses Casualty, disaster and theft losses Home mortgage points If you have been waiting on specific medical expenses or charitable contributions, you might wish to hold off until a year in which you itemize. By doing so, you can make the most of your deductions. Claim non-refundable credits as well: Non-refundable tax credits also decrease the amount of tax you have to pay but stop when that sum hits zero. Fu