Thursday, 2 August 2012

tax calculator

http://www.paycheckcity.com/canada/coeatonca/caResults.aspx


Tax Deductions

These lists are not intended to be exhaustive; they represent common deductions as well as ones that have provided challenges in the past.

Deductions From Employment Income
PARA dues (Box 44 on T4 slip)
Other professional association membership dues
RRSP contributions
Certain moving expenses
Child care expenses
Interest payments on loans necessary to obtain income (ie. student loans)
Alimony or maintenance payments
Charitable donations
Car expenses (if you require a vehicle to go to more than one site) - requires a Declaration of Conditions of Employment (T2200)
Cell phone expenses (if your employer does not pay for a pager)
Portion of tuition (T2202A slip)
Contributions to political parties (some limitations)
CMPA as an employment expense (use form T777 in tax return)

Deductions from Professional Income (for Self Employed)
Accounting fees
Promotion fees
Convention expenses
Supplies, books, library materials
Travel expenses (some limitations)
Office expenses
Other sundry expenses
CMPA dues (must be claimed as an employment expense and not union dues)
Professional fees (related to professional activities)

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