Personal tax experts are reminding Canadians to claim all of the tax credits they may be eligible for when they file their income tax return this year including the new climate-related tax credit and other oft-forgotten deductions.
The climate action incentive can be claimed by those who are 18 or older and resided in Saskatchewan, Manitoba, Ontario or New Brunswick as of the end of last year.
The amount varies based on location and household size, and estimates can be found on the Canada Revenue Agency website. A family of three composed of a married or common-law couple and a child that lives in Saskatchewan, for example, could receive $533. That same family unit living in New Brunswick would only receive $224.
While the climate action initiative is the big new item this year, there are other common expenses that people tend to overlook or accidentally misreport, experts say.Canadians who paid for prescriptions or other medical items that were not fully reimbursed by a health plan can receive a non-refundable tax credit, she said. However, these medical expenses must exceed three per cent of that person's net income.
Gittens reminds students and their parents to properly account for the student's tuition costs, as well as any scholarships or other income. People who move at least 40 kilometres closer to a post-secondary institution to study full-time can deduct eligible expenses, like travel and temporary living expenses, from scholarships and other money they received that must be included in their income, according to the CRA website.
The bond amounts to $500 from the government into each child's RESP in the first year and a further $100 for every subsequent year of eligibility. The total limit per child is $2,000.
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