Tax time is on its way!
Are you ready for April 30? For those looking ahead to tax time, the Canada Revenue Agency (CRA) has shared details of some tax credits that could help Canadians save money when filing.
Tax benefits and claims can get confusing when you try to sit down and understand what credits and benefits you might qualify for.
From first-time homebuyer credits and home office expenses to climate action incentives and more, here are a few tax credits that could help get some extra cash into your pocket this year.
Canada workers benefit
The Canada workers benefit is:\n\n Accessible \n Refundable \n Improved \n\nHere\u2019s how it can help eligible individuals and families who earn a low income: http://ow.ly/bMTR50E8Knc\u00a0 #CdnTaxpic.twitter.com/Qh4s1oas6D— Canada Revenue Agency (@Canada Revenue Agency) 1617026105
The Canada workers benefit (CWB) is a refundable tax credit for individuals or families who are working and earning a low income.
Eligible people can claim the CWB when filing their income tax returns.
Some families and individuals can also get half of this benefit in advance.
There is also a supplement for those with a disability.
Climate action incentive
We\u2019ve made changes to the Climate Action Incentive payment. Here\u2019s what you should know if you live in #Alberta, #Saskatchewan, #Manitoba, or #Ontario: \nhttp://ow.ly/tS6T50yF6vP\u00a0 #CdnTaxpic.twitter.com/S84cD7czzt— Canada Revenue Agency (@Canada Revenue Agency) 1583780108
Residents of Alberta, Saskatchewan, Manitoba and Ontario may qualify for this tax-free credit, which is designed to offset the cost of federal pollution pricing.
It consists of a standard amount, plus a supplement for residents of small or rural communities.
To be eligible, you must be 19 years old or older, have (or have previously had) a spouse or common-law partner or be (or previously have been) a parent who lives with their child.
If you file your tax return and you're eligible, you will automatically get this payment.
Home office expenses
If you\u2019re an employee working from home due to #COVID19, there are 2 methods to claim the home office expenses deduction:\n\n Temporary flat rate \u2014 claim $2/day, up to $400\n Detailed \u2014 claim actual amounts, supported by documentation and receipts. http://ow.ly/ld1N50DogxH\u00a0pic.twitter.com/3H1PhUcfGL— Canada Revenue Agency (@Canada Revenue Agency) 1612449305
Working from home is still very much a reality for many Canadians. So if you're someone who has had to put together a home office, you maybe be able to get money back at tax time.
If you worked from home in 2020 or 2021, you may be able to claim some home office expenses.
As an employee, you may be able to claim things like "work-space-in-the-home expenses, office supplies, and certain phone expenses."
How and when to claim eligible medical expenses this #tax season: http://ow.ly/JdF4309KAGY\u00a0pic.twitter.com/0vvth5wG4m— Canada Revenue Agency (@Canada Revenue Agency) 1490295645
Eligible medical expenses, which may include things like prenatal treatments, service animals and laser eye surgery, for example, can be claimed at tax time.
"You can claim only eligible medical expenses on your tax return if you, or your spouse or common-law partner: paid for the medical expenses in any 12-month period ending in 2021" and "did not claim them in 2020," the CRA explains.
The agency has a list of eligible medical expenses on its website.
Home buyers' amount
Did you purchase a new home this year? Find out if you\u2019re eligible to claim $5K with the Home Buyers\u2019 Amount: http://ow.ly/adUJ50ohzhu\u00a0 #CdnTaxpic.twitter.com/LdqG8hpCTM— Canada Revenue Agency (@Canada Revenue Agency) 1553875267
If you bought your first home over the past year, you can claim up to $5,000 for an eligible property.
Eligible first-time buyers can claim this non-refundable tax credit if you (or your partner) acquired a qualifying home and have not lived in a property you owned in the same year or the previous four years.
Child care expenses
Whether your #childcare provider flies in on an umbrella or not, find out here what childcare expenses you can claim: http://ow.ly/RQVr30iiV2f\u00a0 #UmbrellaDay \nhttps://gph.is/2cU2Jbz\u00a0pic.twitter.com/S5lt6ZuMkl— Canada Revenue Agency (@Canada Revenue Agency) 1518280509
People living in Canada who are the sole caregiver of a child may be able to claim child care expenses on their taxes.
There are some caveats and additional factors, but you can still qualify for the benefit if another person has lived with you, in a lot of cases.
Child care expenses that can be claimed include, but aren't limited to, daycare, day camps and more.
This article's cover image was used for illustrative purposes only.
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