Over 50 Tax Tips for Albertans available from CPA Alberta

EDMONTON, Feb. 23, 2016 /CNW/ - As the 2015 tax return deadline approaches, the Chartered Professional Accountants of Alberta (CPA Alberta) is doing its part to ease the pressure of this spring's reporting season for Albertans.

CPA Alberta, in collaboration with CPA British Columbia, has released its annual series of Tax Tips, designed to provide general advice on tax planning and reporting, in advance of the April 30 reporting deadline.

This year CPA Alberta is providing over 50 tax tips, which touch on a variety of specific topics, including income from tax and gratuities, writing off loans, rental income, home office expenses and transferring income tax credits to your spouse or common-law partner. The full list of tips is available here.

For example, did you know the following tax tips?

• You might be eligible for a first-time home buyers' tax credit.

If you purchase a qualifying home, you could be eligible for a home buyers' tax credit (HBTC), which is a non-refundable tax credit worth up to about $750.

• Transfer some income tax credits to your spouse or common-law partner.

If you are able to reduce your taxes payable to zero without using all of your available credits, you might consider transferring some of these unused credits to your spouse's return. Don't let your credits go to waste.

• Take advantage of the federal textbook tax credit.

The textbook tax credit is calculated on a prescribed amount of $65 per month for each month the student qualifies for the full-time education tax credit, and $20 per month for each month the student qualifies for the part-time education tax credit.

Information for RRSP and Tax Tips is provided as a public service by the Chartered Professional Accountants of Alberta in collaboration with CPA British Columbia.  CPA Alberta acknowledges with thanks the contributions of CPA British Columbia in preparing the tax tips materials. The tips are intended to be used as general guidance. For specific advice about filing a 2015 tax return, please consult with Canada Revenue Agency or a Chartered Professional Accountant.

NOTE TO EDITORS: These tips are useful for preparing RRSP and tax articles leading up to the contribution deadline of February 29, 2016 and the April 30, 2016 filing deadlines, respectively. The organization provides RRSP and Tax Tips as a free service to the public, but appreciates an acknowledgment for "CPA Alberta" when information is used.

Chartered Professional Accountant (CPA) is the Canadian business and accounting designation representing more than 200,000 professional accountants across the country. As part of the CPA profession in Canada, CPA Alberta is the professional organization for more than 28,000 CPAs across the province.

SOURCE CPA Alberta

Image with caption: "CPA Alberta (CNW Group/CPA Alberta)". Image available at: http://photos.newswire.ca/images/download/20160223_C2824_PHOTO_EN_625992.jpg

For media inquiries, or to arrange an interview with a Chartered Professional Accountant regarding further details of tax preparation, please contact: Gordon Turtle, Senior Vice President, Communications and Government Relations, Tel: [phone], E-mail: [email protected], www.cpaalberta.ca