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:
- 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.
- 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.
- 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'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.
- 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.