Tax Information for Families, Students and Seniors

Tax Information for Families, Students and Seniors

For families: 
At tax time, families can take advantage of a few tax credits that will help them save on tax.  If parents have signed up their kids for fitness and arts activities and have saved their receipts, they can claim the Children’s fitness tax credit or the Children’s arts amount.  If they have a dependant with physical or mental impairment to support, they may also be able to claim and additional amount (up to $2,093 in 2015) related to the Family Caregiver Amount. 

For students:
If you were a student in 2015, you may be able to claim tuition, textbook, education amounts and public transit passes.  Also, you can transfer or carry forward your tuition, education and textbook amounts.

For seniors:
If you are receiving pension, you may be able to allocate up to 50% of your eligible pension to your spouse or common-law partner to reduce your combined tax payable.  You may also be able to claim the age amount, medical expenses and the disability credit (if eligible). You may also be able to claim the family caregiver amount if you are a dependent on another person due to physical or mental impairment. 

Source:  CRA website, www.cra.gc.ca

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