Tips on saving money this tax season

The Canada Revenue Agency offers some ways to save time and money

Want to make sure you haven’t missed out on a tax credit?

The Canada Revenue Agency has come out with some tips ahead of the April 30 filing deadline.

Families with kids get a whole range of options. You have to tell the Canada Revenue Agency that you have children, if you haven’t already, and a quick and easy way to do that is to fill out the automated benefits application, which will register you for the Canada child benefit as well as the B.C. family bonus and early childhood tax benefit.

The Canada child benefit is a tax-free monthly payment to help families with the cost of raising kids.

  • Up to $6,400 annually for each child under the age of 6 and $5,400 annually for each child aged six-17.

Childcare expenses can also be claimed, and if your child is eligible for a disability tax credit, you can claim a child disability benefit.

Parents of kids enrolled in fitness or arts programs get to claim $500 or $250, respectively, of the fees you paid for those programs in 2016.

There are tax credits for individuals and child-free families too:

 

  • Working income tax credit applies for all Canadians aged 19 and older who pay income tax and make under and $20,314 a year.
  • The same tax credit applies to families or those with children who take in $29,186 a year.
  • A GST/HST credit, with the amount depending on income and number of children.

 

 

 


@katslepian

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