You’re ready. You’re sitting down with all your T-slips, receipts, calculator, last year’s return, a full pot of coffee and maybe a couple of aspirin – ready to partake in the annual tax-filing ritual. Wondering what’s new from last year?
Well, there aren’t any major headline-grabbing new tax-saving initiatives that apply to the 2011 tax return. But there are a few new wrinkles and goodies to be aware of.
If you’re using tax software or online programs, they will likely flag all of the changes for you. But it’s a good idea to be aware of them anyway so you can verify that you have benefited from all the tweaks that have been made over the past year.
Most of the new measures stem from the federal budget brought down on June 6, 2011. Others are merely a result of routine indexing.
These are the key changes to be aware of when filing your 2011 taxes:
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