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The tax credits and deductions available this tax season, Part 2in Tax Advice Information and Updates
· Volunteer firefighter tax credit: Volunteer firefighters may be able to claim a non-refundable tax credit of up to $450.
· Tradesperson's tools deduction: Tradespersons may be able to deduct up to $500 from their income part of the cost of tools bought throughout the year.
· Child care expenses deduction: Parents may be able to deduct from their income the allowable amount of child care expenses.
· First-time donor's super credit: From 2013 to 2017, first time donors may be able to claim up to $1,000 of donations of money made after March 20, 2013.
· GST/HST credit: A non-taxable quarterly payment that helps individuals 19 years or older, and families with low and modest incomes, offset all or part of the GST/HST that they pay. Individuals no longer have to apply for this credit. The CRA will determine eligibility and advise those who are eligible to receive the credit.
· Search and rescue volunteer tax credit: Search and rescue volunteers may be able to claim a non-refundable tax credit of up to $450.
· Working income benefit (WITB) is a refundable tax credit available to eligible individuals and families who work but earn low income.
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