Tips to Save Money on Taxes – 2012 Tax Credits

March 1, 2013

Canada 2012 TaxesIt’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.

Ontario energy and property tax credit (OEPTC)

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.

GST/HST tax credit

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.

Child fitness tax credit

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.

Canada child tax benefit (CCTB)

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.

Medical expense tax credit

This applies to individuals who have paid significant medical expenses for themselves, spouses, common-law partners or dependents.

Education tax credit

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.



Add Comment