Now that your attention has switched to doing your taxes;
here are a few ideas that may help you save a little money:
1.
Working income tax benefit (WITB) – Working individuals
and families with low income may be able to claim this refundable tax
credit. The WITB includes a supplement
for individuals who qualify for the disability amount. Eligible individuals and families may also
apply for advance payments.
2.
Children’s fitness tax credit – Did your
children play soccer, take ballet classes, or participate in a program of
physical activity in 2012? If so, you
may be able to claim up to $500, per child, of the cost of these activities for
a non-refundable tax credit of up to $75 for each child. You may claim an additional $500 for each
eligible child who qualifies for the disability amount and for whom you have
paid a minimum of $100 in eligible expenses.
3.
Children’s art tax credit – In addition to
sports, did your children participate in a program of artistic, cultural,
recreational, or developmental activity?
If so, you can claim up to $500, per child, of the cost of these activates
for a non-refundable tax credit of up to $75 for each child. You may claim an additional $500 for each
eligible child who qualifies for the disability amount and for whom you have
paid a minimum of $100 on registration or membership fees for an eligible
program.
4.
Childcare expenses – Did your children attend
daycare or a program such as a summer day camp in 2012? You or your spouse/common-law partner may be
able to claim what you spent on eligible childcare in 2012.
5.
Family caregiver amount – If you have a
dependent with a physical or mental impairment, you may be able to claim up to
an additional $2000 when you claim certain non-refundable tax credits.
6.
Goods and services tax/harmonized sales tax
credit – The GST/HST credit is a tax-free quarterly payment that helps
individuals and families with low and modest incomes offset all or part of the
GST or HST they pay.
7.
Public transit amount – Did you use public
transit in 2012? You may be able to
claim the cost of certain public transit passes or electronic payment cards under
this non-refundable tax credit.
8.
Homebuyer’s amount – Did you purchase a home in
2012? You may be able to claim a non-refundable tax credit of up to $750 for
the purchase of a qualifying home.
9.
Child disability benefit – You may be eligible
for this tax-free benefit if you cared for a child under the age of 18 who is
eligible for the disability tax credit.
10.
Canada child tax benefit – A tax-free monthly
payment that helps eligible families with the cost of raising children under
the age of 18.
11.
Universal child care benefit – If you have
children under the age of six, you may be eligible for this taxable benefit,
which supports childcare choices for families.
12.
Medical expenses – You may be able to claim a
non-refundable tax credit based on the medical expenses paid for yourself, your
spouse or common-law partner, or your children for any 12 month period ending
in 2012.
13.
Disability amount – If you or a family member
has a severe and prolonged impairment in physical or mental functions, you may
be able to claim this non-refundable tax credit.
14.
RDSP – This is a savings plan to help Canadians
with disabilities and their families save for the long-term financial security
of a person who is eligible for the disability tax credit.
15.
RRSP – Last but not least my favorite. If you
saved for your retirement in 2012 (or within first 60 days of 2013) by
investing in your RRSP you may be able to deduct your contributions to reduce
your tax.
Hope these help when completing your tax return this
year. If you have any questions, talk to
your accountant or give me a call.
Happy Spring!
Tracey
Source: Original
article posted on Advisor.ca, 02-19-13, written by staff.
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