Canadian Tax Deductions for 2011, 2012

What are some of the common Canadian tax deductions available? Let's take a look:

• Basic Personal Amount: Every resident of Canada can claim this amount. If you will have more than one employer or payer at the same time in 2011, see "More Than One Employer or Payer at the Same Time" on the next page.

• Child Amount: One parent, not both, may claim $2,131 for each child born in 1994 or later that lives with both parents in any given year. Anything leftover can be transferred to that parent's spouse or common-law partner. If the child doesn’t live with both parents during any year, the parent who is entitled to claim the "Amount for an Eligible Dependent" on line 8 may also claim $2,131 for that same child.

• Age Amount: If you will be 65 or older on December 31, 2011 and your net income for the year from all sources will be $32,961 or less, enter $6,537. If your net income for the year will be between $32,961 and $76,541 and you want to calculate a partial claim, get the TD1-WS, Worksheet for the 2011 Personal Tax Credits Return, and complete the appropriate section.

• Pension Income Amount: If you will receive regular pension payments from a pension plan or fund (excluding Canada Pension Plan, Quebec Pension Plan, Old Age Security, or Guaranteed Income Supplement payments), enter $2,000 or your estimated annual pension income, whichever is less.

• Tuition, Education, and Textbook Amounts: If you are a student enrolled at a university or college, or an educational institution certified by Human Resources and Skills Development Canada, and you will pay more than $100 per institution in tuition fees, complete this section. If you are enrolled full-time, or if you have a mental or physical disability and are enrolled part-time, enter the total of the tuition fees you will pay, plus $400 for each month that you will be enrolled, plus $65 per month for textbooks. If you are enrolled part-time and do not have a mental or physical disability, enter the total of the tuition fees you will pay, plus $120 for each month that you will be enrolled part-time, plus $20 per month for textbooks.

• Disability Amount: If you will claim the disability amount on your income tax return by using Form T2201, Disability Tax Credit Certificate, enter $7,341.

• Spouse or Common-Law Partner Amount: If you are supporting your spouse or common-law partner who lives with you and whose net income for the year will be less than $10,527, enter the difference between $10,527 and his or her estimated net income for the year. If your spouse's or common-law partner's net income for the year will be more than $10,527, you cannot claim this amount.

• Amount for an Eligible Dependent: If you do not have a spouse or common-law partner and you support a dependent relative who lives with you and whose net income for the year will be less than $10,527, enter the difference between $10,527 and his or her estimated net income. If your eligible dependent's net income for the year will be $10,527 or more, you cannot claim this amount.

• Caregiver Amount: If you do not have a spouse or common-law partner and you support a dependent relative who lives with you whose net income for the year will be less than $10,527, enter the difference between $10,527 and his or her estimated net income. If your eligible dependent's net income for the year will be $10,527 or more, you cannot claim this amount.

• Amount for Inform Dependents over 18 years old: If you support an infirm dependent age 18 or older who is your or your spouse's or common-law partner's relative, who lives in Canada, and whose net income for the year will be $6,076 or less, enter $4,282. You cannot claim an amount for a dependent you claimed on line 9. If the dependent net income for the year will be between $6,076 and $10,358 and you want to calculate a partial claim, get the TD1-WS and complete the appropriate section.

• Amounts Transferred from Your Spouse or Common-Law: If your spouse or common-law partner will not use all of his or her age amount, pension income amount, tuition, education and textbook amounts, disability amount or child amount on his or her income tax return, enter the unused amount.

• Amounts Transferred from a Dependent: If your dependent will not use all of his or her disability amount on his or her income tax return, enter the unused amount. If your or your spouse's or common-law partner's dependent child or grandchild will not use all of his or her tuition, education, and textbook amounts on his or her income tax return, enter the unused amount.

If there are still some Canadian tax deductions that you are looking for, then skip over to TurboTax Canada to see how they can help you get the most from your expenses this year. There are many more Canadian tax deductions and breaks that might be available to you that can be easily missed.