BC Has So Many Tax Credits & Benefits For The 2022 Season With Some Giving Back Big Cash
It's that time of year again!
Tax season is officially upon us again and there are plenty of tax credits and expenses that can help you get money back.
The tax deadline for most Canadians to file their income tax and benefit return for 2021 is April 30, 2022.
According to the CRA, the quickest way to get your refund is by filing your taxes online. The agency says that people can expect their tax refund within eight business days using this method.
Here are some of the tax credits and expenses that you can apply for.
Farmers' Food Donation Tax Credit
The farmers' food donation tax credit encourages farmers to donate agricultural products that they produce in B.C. to registered charities, such as food banks or school meal programs.
The credit is 25% of the total amount of gifts/donations for the tax year.
Northern Residents Deductions
The deductions are meant to provide relief to people who live in certain areas where residents are "often faced with a higher cost of living, environmental hardships, and limited access to services."
You can claim this deduction if you have lived in one or more of the areas for a continuous period of at least 6 months.
If you lived in a prescribed northern zone, you can claim $11 for each day that you lived in this zone. Prescribed northern zones include Old Fort Nelson, Telegraph Creek, Cariboo Meadows, and more.
If you live in an intermediate zone, you can claim $5.50 for every day that you lived in that zone.
Small Business Venture Capital Tax Credit
People who invested in small businesses in B.C. can receive a 30% tax credit on their investment.
The idea behind this tax credit is to encourage people to invest in small businesses around the province.
B.C. Training Tax Credit
Anyone training in programs administered through the Industry Training Authority may be able to claim tax credits.
Those who are eligible are B.C. residents who are registered with an eligible program and who are not enrolled in a public high school or homeschooling program.
There are three types of training tax credits: the basic tax credit; the completion tax credit, and the enhanced tax credit. The B.C. government has examples of how each credit applies.
Sales Tax Credit
A person pays for groceries.
For any year after 2013, you can claim up to $75 for a sales tax credit. You can also get up to $75 for your common-law partner or spouse if they live with you.
You are eligible to claim the credit if you are a resident of B.C. and were 19 years old or older, had a common-law partner or spouse, or were a parent on December 31 of the tax year.
B.C. Home Renovation Tax Credit
A wooden staircase is seen in a dwelling.
This tax credit is for seniors aged 65 and over and people with disabilities to help with the cost of home renovations that can make their home more accessible or functional, such as adding a chairlift to a staircase.
The maximum credit is $1,000 per tax year to cover 10% of the renovation expense.
B.C. Child Opportunity Benefit
This is benefit gives families with children under 18 years old a tax-free monthly payment.
In a year, families can get a maximum of $1,600 for their first child, $1,000 for their second, and $800 for every child after that is under the age of 18.
The amount ranges based on household income, however.
B.C. Mining Exploration Tax Credit
This tax credit is for corporations that are involved in grassroots mineral exploration in the province.
So if you own a corporation that is exploring metals, coal, or minerals, you may be eligible to receive it.
The credit is 20% of qualifying expenses for mining exploration.