The tax credits and deductions available this tax season, Part 1

by in Tax Advice Information and Updates
The tax credits and deductions available this tax season, Part 1
Haven’t filed your taxes yet? Here is a refresher on the tax credits and deductions available this tax season. 

If applicable to your situation, you may be able to apply for one or more of the following amounts:

·         Canada child benefit: The CCB is a tax-free monthly amount paid to eligible families to help them with the cost of raising children under the age of 18. Families could get up to $6,400 annually for each child under 6 and $5,400 annually for each child aged 6-17.

·         Northern residents deductions:  You may be eligible for a deduction based on the number of days in the tax year in which you lived in a prescribed northern zone or prescribed intermediate zone.

·         Teacher and Early Childhood Educator School Supply Tax Credit: Eligible educators may be able to claim a 15% refundable tax credit based on an amount of up to $1,000 for eligible teaching supplies purchased by the educator in the taxation year for a maximum credit of $150.

·         Family caregiver tax credit: A non-refundable tax credit of up to $314 for supporting an eligible infirm dependant.

·         Public transit tax credit: A non-refundable tax credit that can help individuals cover the cost of public transit.

·         Pension income splitting: Pensioners may be able to split up to 50% of eligible pension income with their spouse or common-law partner and reduce their overall tax payable.

There are other tax credits and deductions available to you this tax season. Learn more about these in part 2 of our blog series.

Also, don’t forget that KD can help you ensure that you apply ALL the tax credits and deductions applicable to your situation! So call us today and let KD take out all the stress you have during this tax filing season!

Source:  www.cra.gc.ca
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