Over 22 Million Canadians are expected to file tax returns again between now and April 30, and what’s in store for them when they open their tax returns is over 50 changes that will affect Employees, Seniors, Investors, Small Business Owners and Families, according to best-selling Canadian author Evelyn Jacks, President of The Knowledge Bureau.

“The income tax return is one of the most important financial documents of average Canadian families,” says Mrs. Jacks, “as it reconciles your largest lifetime expenditure.”

And it can really pay to be on top of tax changes, both in reconciling withholding taxes or installment payments made throughout the year and in applying for social benefits like the Child Tax Benefit or Old Age Security according to Jacks, who recommends the following key tax changes be reviewed before completing this year’s forms:

1. All Taxpayers:

• New definition of common law partners
• New RRSP contribution limits
• The new federal and provincial tax brackets
• New personal amounts, transfer limits and clawback thresholds for family members
• New medical expense rules that allow the co-mingling of expenses from minor children and other adults
• Increased political contribution limits
• The new 10 year period for adjusting prior filed tax returns

2. The Disabled: The new Disability Supports Deduction

3. Employees: The new deduction for Canadian Forces personnel and police on high risk missions

4. Investors:

• New interest deductibility rules
• Changes to availability of exempt gains balances of mutual fund holders
• New rules for resource property investors

5. Business Owners:

• New capital cost allowance classes and rates
• New Loss Carry Forward provisions
• New Reasonable Expectation of Cumulative Profit tests

It pays to be informed on all new tax changes before starting to file your tax return, according to Jacks, who also recommends that tax filing become a family affair to maximize transferable credits and deductions.

For more information and to obtain a copy of Essential Tax Facts by Evelyn Jacks, call toll free 1-866-953-4769 or visit Evelyn’s website: www.knowledgebureau.com.