Five tips for tax time

March 18, 2015

Take a look at these five tax credits and deductions that we found, and see if any of them will help you optimize your return:

  1. Child care is expensive, be sure to claim your tax break for it on Line 214 of your return.
  2. Does your little one participate in a little league or have a membership to an indoor playground?  Check out the Children's Fitness Tax Credit to see which expenses are eligible.
  3. Have you donated to a registered charity? By claiming these donations you can get a little back. If this is the first time that you're claiming a charitable donation, you may even qualify for a "super credit."
  4. If you rely on investment income in addition to your pension, you can claim the carrying charges and interest you paid to earn that investment income on line 221.
  5. Do you live in Northern Ontario (essentially Parry Sound and beyond)? The provincial government has a special credit to help you with the higher energy costs of living in the north.