Ontario Has So Many Tax Credits This Season & Some Give Back Major Cash

Some credits can give you hundreds back!

Toronto Associate Editor
Ontario Has So Many Tax Credits This Season & Some Give Back Major Cash

Tax season is just around the corner. While it's not exactly a fun time of year, there are actually a lot of personal income tax credits that you could potentially apply for to get some money back.

The Ontario government just detailed the tax credits that residents can apply for the upcoming season, and here are seven credits (plus one to keep in mind for next year) to check out to see if you qualify for.

Ontario Jobs Training Tax Credit

How much money you could get back: The government will refund eligible Ontarians half of their eligible expenses for the year up to a total of $2,000

How to qualify: The credit applies to Ontarians aged 26 to 65 who got training for a totally new career, to sharpen their skill set for re-training purposes. This tax credit will cover costs like tuition fees or exams.

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Low-Income Workers Tax Credit

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How much money you could get back: Up to $850 each year, and can be used to cut down or scrap your Ontario personal income tax (not including the Ontario Health Premium.)

How to qualify: Ontarians who make minimum wage, have an individual net income under $38,500 (or an adjusted family net income under $68,500), and owe Ontario personal income tax on their returns can apply.

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Ontario Child Care Tax Credit

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How much money you could get back: Ontario families can get back $6,000 for each child under 7 years old, plus a top-up of up to $1,200 for 2021; $3,750 for each child between the ages of 7 and 16, and $8,250 for each child with a severe disability, with top-ups of up to $750 and $1,650 for 2021, respectively.

Ontarians can claim up to 75% of eligible child care expenses, like child care centres and day camps. It won't cover medical care, transportation costs, education costs, or recreational classes.

How to qualify: This tax credit helps families with low and moderate incomes of up to $150,000, and eligible applicants must also be able to qualify for the Child Care Expense Deduction.

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Ontario Energy and Property Tax Credit

How much money you could get back: Anyone between 18 and 64 years old can get a maximum of $1,121 back. If you lived in a designated college or university residence in 2021, you can get $25.

How to qualify: In order to qualify for 2021, Ontarians 18 years or older must have rented or paid property tax for their main residence, lived on a reserve and paid for home energy costs, or lived in a long-term care home and paid some money towards their accommodation.

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Seniors' Home Safety Tax Credit

How much money you could get back: This temporary personal income tax credit is available for the 2021 and 2022 tax years, and is worth 25% of up to $10,000 in eligible expenses each year.

All of the expenses must be either paid or be payable in 2021 and 2022, with the maximum amount you could get back being $2,500 each year.

This tax credit is for renovation expenses that were made to help make a senior's home safer and more accessible, or help a senior move about at home more easily.

How to qualify: Anyone who lives with a senior relative or will live with one within 24 months after the end of the year can apply, as well as those who are 65 years old and older.

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Northern Ontario Energy Credit

How much money you could get back: If you live on your own, you can get up to $162 back, while families could get up to $249.

How to qualify: Anyone who lives in Algoma, Cochrane, Kenora, Manitoulin, Nipissing, Parry Sound, Rainy River, Sudbury, Thunder Bay, or Timiskaming can apply. Eligibility also depends on where you live on the 1st of each and every month.

So, if you lived in Kenora on November 1 but moved to Toronto by the end of the month, you could still cash in on the November payment but wouldn't be able to file it again after that.

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Ontario Seniors' Public Transit Tax Credit

How much money you could get back: Eligible Ontarians can claim up to $3,000 for their public transit costs and get back up to $450 each year.

How to qualify: Residents who are 65 years old or older as of December 31, 2020, and have been living in Ontario since December 31, 2021, are eligible to file for this tax credit.

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Ontario Staycation Tax Credit

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How much money you could get back: Ontarians can get 20% of eligible accommodation expenses back and can claim up to $1,000 for an individual and $2,000 for a family for a max credit of $200 or $400.

How to qualify: While this tax credit can't be filed this upcoming tax season, Ontarians may want to hold onto receipts for any holidays they take in the province. Any Ontario resident who books a staycation between January 1 and December 31, 2022, at a hotel, motel, bed-and-breakfast, cottage, resort, campground, or lodge can cash in. The leisurely trip must be under a month long.

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This article's cover image was used for illustrative purposes only.

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