If your spouse or common-law partner does not work, or does not have a pension plan, consider making spousal RRSP contributions so as to split your RRSP or RRIF income when you retire.

If you have any balance outstanding, make sure to file on time even if you don't have money to pay. This will save you late filing penalty of 5% plus 1% per month, for a maximum of 12 months.

If you are an employee earning commission income, you may be eligible to deduct certain expenses you incurred to earn that income, such as entertainment expenses, travel, etc. To deduct these expenses you must have form T2200 completed & signed by your employer to show that you meet the necessary conditions.

If you moved in order to begin working at a new location, you may be able to deduct certain moving expenses. To qualify, your new residence must be at least 40 kilometers closer to your new work site than your old residence.

You can speed up your tax refund by filing your return electronically, especially if you have it deposited directly into your bank account. In most cases, you will receive your refund in less than two weeks.

Be sure to claim the dividend tax credit for any dividends you receive from taxable Canadian corporations. If your income is too low to benefit from the credit, your spouse or common-law partner may be able to report the dividends instead in order to take advantage of it.

If you make a profit on the sale of a capital property, you are required to pay income tax on only 50% of your capital gain.

Dividends from foreign corporations are not eligible for the dividend tax credit. However, you may claim a foreign tax credit for any foreign tax withheld.

If you worked for more than one employer, you may have overpaid your CPP/QPP or EI premiums for the year. You can claim the excess as a credit and have it refunded to you.

Generally, the filing deadline for 2008 tax returns is April 30th, 2005 . But if you or your spouse or common-law partner is self-employed, the deadline is June 15th, 2008. Remember balance outstanding is still due on April 30th, 2008.

You and your spouse both have to file tax returns to receive your CCTB. If you don't file your tax returns your benefits will be stopped. New Immigrants have to file Child Tax Benefit Application to start receiving Child Tax Benefit.

Last minute tax planning tips

Here's what to look for, realizing that it's always a good idea to have a knowledgeable tax advisor look over your plans before you act.

Taxpayers looking forward to getting a hefty refund forget that they're really giving the Canada Revenue Agency (CRA) an interest-free loan. Why not get your money upfront? If you're making RRSP contributions during the year, or paying alimony or child-care expenses, you can get the money your employer withholds from your paycheque reduced by filing a formal request with your district tax office. CRA will then authorize your employer to cut the amount of tax withheld, thus beefing up your net pay.

Many seniors try to use the $1,000 pension credit to offset their Old Age Security and Canada Pension Plan income. But government benefits don't qualify here. You have to be receiving money from an annuity or RRIF to qualify; waiting until April means you'll miss out a year.
Use some RRSP funds to buy an annuity that pays at least $1,000 for next year. If you're in the lowest tax bracket (roughly $35,000 or under), the $1,000 in income will be tax-free, although pensioners with a higher marginal rate will pay some tax.

While child-care costs usually end up on the lower-income earner's return, higher earners whose spouses are going away to school full-time frequently miss out on a little-used tax break. Under these circumstances, they can deduct up to $175 per child per week for kids under age seven ($100 if they're under 16). They could also make a similar claim if a spouse was hospitalized, bed-ridden or institutionalized for at least two weeks in the year. Don't forget that child-care costs also include summer camp and boarding school as well as day care.

Most people don't realize that the medical expenses credit can be based on the best 12-month period ending in the tax year and includes the whole family. If family medical expenses exceed 3% of net income, you're entitled to a credit of 17% of these costs.

Even if they file a return, students are generally so broke that they don't even worry about non-refundable credits they're leaving on the table. In this case, it's up to you to make sure the tax savings don't slip away.

If your children are aged 18 or over, consider giving them enough money to create the necessary income. Or, if you're self-employed, find a place for them in the business. Not only will this prevent the family from losing the credits, it offers the additional benefit of building up RRSP contribution room that can now be carried forward indefinitely.

If you're looking after a full-time student, you can transfer up to $5,000 in tuition costs and education tax credits to your side of the ledger. Who qualifies? Parents, grandparents, spouses or legal guardians.