The tax credits and deductions available this tax season, Part 2

by in Tax Advice Information and Updates
The tax credits and deductions available this tax season, Part 2
Here are some more tax credits and deductions available that you may be able to claim if applicable to your situation:

·         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.

Remember, KD can help you in filing your taxes! KD Professional will ensure that you will be able to claim ALL the tax credits and deductions applicable to you!

Source:  www.cra.gc.ca


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