3 Overlooked Tax Credits You May Want to Consider This Year
We are approaching that time of year again, scrambling through every drawer and looking everywhere for those receipts. Waiting for your employer to issue that T4 slip and hoping that you won’t have to pay tax this year. Here are a few points that may help you this year. Bring these receipts with you when you visit your accountant.
1. Carry forward your donation until they exceed $200. Donations over $200 are credited back to you at a higher rate. Save up your receipts and claim them next year once you pass the $200 limit. Also, if you are married or common law have the higher income spouse claim this credit.
2. This is your last year to claim the children fitness and art credits. Thanks to the new budget that was passed in 2016, this will be the last year to claim these credits. The max credit you can claim is $500 for fitness and $250 for art. If you live in Ontario you can also claim the Children Activity Credit up to a max of $560.
3. Claim last years medical expense. You can claim medical expenses up to a 12 month period. So if you forgot to add this on last years tax return do it now before it’s too late. Remember all medical expenses not covered by a health insurance plan may be claimed. For example, you went to the dentist and the charges were $750 and your plan reimbursed you $450, then you can claim $300.