Know What You Are Entitled To When Filing Your Taxes This Year
Studies have found that the richest pay the lowest rates of all income groups. Ask yourself am I filing for every possible option that may entitle me to a greater refund? You are your own best advocate in helping yourself find every possible refund you may be entitled to.
Here are a few to consider and research to see if you qualify?
The Ontario Property Tax Credit
- Assists those who own or rent and who have low to mid level income.
- If you are under 65 you may qualify for a refund of $250
- If you are a senior over 65 it could be as much as $625 as a refund
There is a Child Fitness Tax Credit
- If your child is under the age of 16 years you could be entitled to a $500 Credit to help off set your child’s fitness expenses.
- As long as you can provide proof exceeding $500 in a physical activity you may be able to claim this for each child.
Day care tax credit or Child Care tax credit may apply to you?
- This is a deduction you can claim to reduce your amount of income.
- This includes a variety of programs you may not have considered.
- Individuals providing daycare services, sports or any day or overnight camps.
Tax Credit for Medical Expenses
- This applies to you and your dependents if you have significant medical expenses.
- Proof of payment needs to be supported. Have your pharmacy print out the entire year of history for you if you have not kept all of your receipts.
Look into a Family tax Credit or Tax Benefit
- These are both from the Federal Government and the Provincial Government.
- If you consider yourself to have a lower income these may apply to you and your family.
- These programs are designed to provide additional income.
- There are 5 categories to look into to see if you qualify.
The Educational Tax Credit
- If your child has received a scholarship or bursary, it should come with an education tax credit.
- You do not have to report this on your tax return.
- If not than you can claim the first $500 to be tax free but must report and pay taxes on anything over and above.
Often It’s difficult to know how to file your taxes correctly. You especially want to make sure you have claimed all you are qualified for, before filing. The government has a Tax Filing Assistance program that may help to make sure you are exploring all of your options and getting the best advice. They have locations set up all over Ontario find the closest one near you visit http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/menu-eng.html
If you have followed our articles then be sure you file for your $5000.00 Energy Retrofit Home Grant detailed in our November 3rd 2011 article.
For more valuable information please visit us at PrudentFinancial.net