First-Time Home Buyers’ Tax Credit: If you recently bought your first home, you can claim a $5,000 credit. The rules to qualify are similar to those of the Home Buyers’ Plan.
Young professionals need to learn that the tax man doesn’t see all benefits as equal. If your employer offers a choice of benefits, pick ones that you'll use and are tax-free.
Don't forget to claim credit linked to student loans. While the loans can be a burden, they're not entirely evil; they can lower the amount of income tax you owe.
Remember to claim any unused education or tuition credits. University students are eligible for an education tax credit of $400 per month for each month they're in school full-time.
If you make an RRSP contribution this year,you don’t have to claim it on your tax return. You can use Schedule 7 to carry forward your RRSP tax deduction to a future year,when you’re earning more and in a higher tax bracket, to maximize your tax reduction
Accessing money in your RRSP without consequences is only possible through the Home Buyer’s Plan and the Lifelong Learning Plan.