Get what’s yours this tax season by following these tips:
1. Timing is everything. Consider this your save-the-date notice. The deadline for filing your 2016 personal tax return is May 1 and June 15 if you’re self-employed. Mark the date on your calendar and submit before the tax deadline to avoid late filing interest and penalties.
2. Report medical expenses. If you received medical care this year or if a family member suffered from an illness or disability, find out whether those medical expenses can earn you a tax credit. If you moved in with a parent 65 years or older or a dependent who is infirm, then you are considered a caregiver and can claim additional credits.
3. Transfer any unused credits. If you’re married or have a common-law partner, you can transfer a variety of unused tax credits – such as the pension income amount, age amount and disability amount – to your spouse or partner. There are also several credits for students that can be transferred to a spouse, parent or even grandparent if they don’t want to carry forward the unused amounts themselves.
4. Families matter. To maximize your return, make sure you claim all expenses and deductions you are entitled to as a family.
If you paid for childcare or if your children played a sport or participated in a recreational program during the year, you may be able to claim these.
Just make sure to keep all your receipts.
– News Canada
