New Tax Deductions For 2011

What new tax deductions are available and what changes have occurred for the 2011 tax season? These have been very popular questions amongst taxpayers this year.

Every tax season laws change, whether deductions are added or whether limits are removed one thing we can count on is change. 2011 is definitely no exception...

Not only do the tax laws change prior to the tax guide's release, they also get modified as the season is in full swing.

These are some of the 2011 Tax Deductions proposed changes we are aware of so far.

  • Is someone in your family or anyone you know for that matter, a volunteer firefighter? Make sure to let them know they may be able to claim an amount of $3,000 under the - volunteer firefighters’ amount.
  • Is your child registered in or a member of a prescribed program of artistic, cultural, recreational, or developmental activity? If so, you can claim an amount for eligible expenses - line 370 children’s arts amount. New tax deductions for the 2011 season also includes
  • The removal of the $10,000 maximum limit for medical expenses per eligible dependant - line 331 allowable amount of medical expenses for other dependants. Other dependants include your or your spouse's child (who was born in 1993 or earlier), or grandchild; or your or your spouse’s parent, grandparent, brother, sister, aunt, uncle, niece, or nephew who are dependant on you for support. This simply means that a medical expense claim for other dependants no longer has a limit of $10,000. This change is welcomed by so many taxpayers that pay medical expenses for their loved ones.
  • Canada Child Tax Benefit If parents are in a shared custody situation and eligible, each will get half of the child benefit and credit payments for that child every month that they qualify.

You may have come across a deduction or change that does not directly pertain to you but as you were reading about it thought of a family member, a friend or an acquaintance. Please, forward this page to them or at the very least let that person know they should look further into that tax deduction as it might be worth their while financially.

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