Twelve tips for saving on your tax bill: information that could save you money, at Canadian Money Magazine

The holidays are all about spreading joy. While December is a hectic month for many, Ernst & Young suggests taking a little time out of busy scheduled to review these year-end tax tips. Remember: addressing these now could put a little extra jingle back into Canadian pockets in the months ahead.

On the first day, pay tax-deductible or tax-creditable expenses for 2011. A variety of expenses can only be claimed as deductions in a tax return if the amounts are paid by the end of the calendar year. If some amounts would otherwise be paid early in 2012, consider paying them by the end of this year, to get the benefit of the tax deduction or credit in 2011 returns. Children’s arts programs are a newly eligible expenditure for 2011.

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