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:
- Child care is expensive, be sure to claim your tax break for it on Line 214 of your return.
- 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.
- 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."
- 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.
- 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.