Tuesday, July 10, 2007

$2000 Tax Credit

As of July 1st 2007 there is a new tax credit available on your TD1, you know the tax form that you fill out when you start a new job. Although maybe you did or didn't know this, you should fill out a new one each year and submit it to your employer in order to ensure your receiving the proper credits and try to avoid getting dinged at the end of the year for not submitting enough taxes.

This year in particular has been good for Canadian families as now there's a credit for $2000 per child under the age of 18 residing in your home. It can only be claimed by one member of the household so this year I received an additional $6000 tax credit which works out to approx. $990 per year increasing my take home pay by approx. $38 per pay. Here’s the link 2007 TD1 just print it off, fill it out and hand it into your employer.

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