Six tips for tax time

March 18, 2015

Our tips from the Canada Revenue Agency inspired us to do a little bit more research into tax credits and deductions that can help you optimize your return. Take a look at these six that we found, and see if any of them will suit your situation:

  1. If you're 65 years or older, the Ontario government offers a tax credit to help with the cost of making your home safer and more accessible. Learn more about the Healthy Homes Renovation Tax Credit here.
  2. Do you have medical expenses for yourself, your spouse or your dependent child? Check here to see which expenses are eligible for line 330 of your income tax return.
  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've parked the car and opted for a monthly or annual public transit pass, then take some time to learn about the Public Transit Credit.
  5. 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.
  6. 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.