H&R Block

H&R Block

April 18, 2005 08:14 ET

H&R Block's Top Five - ‘What to Claim'

Attention: Assignment Editor, Business/Financial Editor TORONTO, ONTARIO--(CCNMatthews - April 18, 2005) - 1. Moving expenses are tax deductible - provided you move at least 40 kilometres closer to your new work or school location. If you're a student, moving home for a summer job or a co-op placement is deductible.

2. The first $200 of charitable donations yield a lower tax credit. If you and your spouse make charitable donations, it may be wise to combine them on one return - let the spouse with the higher taxable income take advantage of the credit.

3. Interest payments on federal or provincial government student loans are tax deductible but this does not include personal loans.

4. Taxpayers who provide in-home care for senior or infirm relatives may qualify for a caregiver tax credit. The individual needs to be living with you in your place of residence. Unless the dependant is your parent or grandparent, he or she also has to be dependent on you because of an infirmity.

5. Income from all sources must be reported. For restaurant servers - this means your tips too. It is better to report your tips up front than be subject to a penalty if you are audited.

About H&R Block Canada
H&R Block Canada prepares nearly two million tax returns annually, making it Canada's leading tax preparation firm. Headquartered in Calgary, Alberta, the company serves Canadian taxpayers in more than 965 offices across the country. H&R Block Canada Inc. is a subsidiary of H&R Block, Inc., a diversified company with subsidiaries providing a wide range of financial products and services. Additional information about H&R Block Canada is available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.

Contact Information

  • Tina Quelch, the hartwell group
    Primary Phone: 416-925-6034
    Secondary Phone: 416-347-2798
    E-mail: tinaq@hartwellgroup.ca