There are many benefits, credits and deductions to help families with their expenses throughout the year, and reduce the amount they owe at tax time, says CRA.
Here are eight credits to remind your clients about.
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 can also apply for advance payments. Depending on your province or territory of residence, you may be eligible for a credit of up to $1,797.
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2. Children’s fitness tax credit – Did your client’s children play soccer, take golf lessons, or participate in some other program of physical activity in 2013? If so, he may be able to claim up to $500, per child, of the cost of these programs. He can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom he has paid at least $100 in registration or membership fees for an eligible program.
3. Children’s arts tax credit – Did your client’s children participate in a program of artistic, cultural, recreational, or developmental activity such as tutoring in 2013? If so, he may be able to claim up to $500 of the fees paid, per child, on these programs. He can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom he has paid at least $100 in registration or membership fees for an eligible program.
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4. Child care expenses – Did his children attend daycare or a child care program such as a summer day camp in 2013? He or his spouse may be able to claim what they spent on eligible child care in 2013.
5. Family caregiver amount – If he has a dependant with an impairment in physical or mental functions, he may be able to claim up to an additional $2,040 in calculating certain non-refundable tax credits.
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6. GST/HST credit – This 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 that they pay. He can apply for this credit when filing your income tax and benefit return.
7. Public transit amount – Did your client or his eligible dependant use public transit in 2013? He may be able to claim the cost of certain public transit passes or electronic payment cards for this 15% non-refundable tax credit.
8. Homebuyers’ amount – Did you buy a home in 2013? You may be able to claim a non-refundable tax credit of up to $750 for the purchase of a qualifying home.