Tips To Make The Most Out Of Your Tax Return
Make the most of this tax-filing season with the following list of credits, benefits, deductions and expenses to claim:
- Guaranteed income supplement: This tax-free monthly benefit is for those 65+ who receive old age security and who have low incomes.
- Canada caregiver credit:This non-refundable tax credit may be available to those who support a spouse or common-law partner, or a dependent with a physical or mental impairment.
- GST/HST credit: This tax-free quarterly payment is for those with low and modest incomes, and may include a provincial or territorial credit amount, such as the B.C. climate action tax credit or the Newfoundland and Labrador seniors’ benefit. Clients are automatically considered for the GST/HST credit when they file their taxes.
- Disability tax credit: This non-refundable tax credit helps those with disabilities, or a supporting family member, reduce their income tax.
- Disability supports deduction: This deduction can be claimed by those with a physical or mental impairment who paid for certain medical expenses for work, school or grant-funded research.
- Medical expenses: The taxpayer or their spouse/common-law partner must have paid the eligible expenses in any 12-month period ending in 2024.
- Canada training credit: Eligibility criteria include being less than 66 years old at the end of the year.
- Home accessibility expenses: Eligible expenses for qualifying renovations to an eligible dwelling can be claimed if, for example, a taxpayer is 65 or older at the end of the year.
- Multigenerational home renovation tax credit: A taxpayer could claim up to $7,500 for eligible renovation costs to add a secondary unit for a senior or an adult with a disability. Note that, for homeowners, such self-contained units can affect the principal residence exemption.
Deductions, credits and expenses related to pension and savings income: These include amounts clients can claim for contributions to Canada Pension Plan, RRSPs and registered pension plans.