Tips to Save Money on Taxes – 2012 Tax CreditsMarch 1, 2013
It’s that time of year where Canadians are preparing to file their income taxes. Whether you’re filing on your own or using an accountant, it’s important to know the personal tax credits that are available to Canadians. Review the following credits and see if you qualify for any of them to save money on your taxes.
For those people with low to moderate incomes who own or rent a principal residence in Ontario, the property tax credit offers help with the sales tax on energy and property taxes.
A tax-free quarterly payment that helps offset all or part of the GST/HST that is paid by those individuals and families with low and modest incomes.
You can claim to a maximum of $500 per child the fees paid in 2012 relating to the cost of registration or membership for your or your spouse’s or common-law partner’s child in a prescribed program of physical activity.
The Canada child tax benefit is a tax-free monthly payment made to eligible families to help them with the cost of raising children under age 18.
This applies to individuals who have paid significant medical expenses for themselves, spouses, common-law partners or dependents.
This is for tuition, education, and textbook amounts, allowing students to reduce their income taxes by taking into consideration their eligible tuition fees and the education and textbook amounts.
There are many other tax credits available to Canadians; visit The Canada Revenue Agency for more information.