Tax season has started in Canada, and the CRA is ready to accept returns.
It’s going to be another interesting year as there have been many handouts from the provincial and federal governments. As well as the creation of new credits, benefits, updates and changes to others around the pandemic.
Federal taxes credits can include some (or all) of the following if applicable:
- if you earned income from a job, you can claim up to $1,257
- if you worked from home may be eligible to claim a deduction of up to $500 for home office expenses using a temporary flat rate method
- if you are over the age of 65, you can claim up to $7,713
- if you have children, you can claim $2,295 for each child under the age of 18
- if you receive a pension, you can claim up to $2,000
- if you have a disability, you can claim up to $8,662
- if you care for a dependent who is infirm, you can claim up to $7,348
Provincial tax credits are a plenty, especially this year;
- Ontario Child Benefit
- Ontario Guaranteed Annual Income System (GAINS)
- Ontario Senior Homeowners’ Property Tax Grant
- Ontario Trillium Benefit
In addition to these refundable tax credits;
- Ontario Child Care Tax Credit
(Ontario Childcare Access and Relief from Expenses (CARE) Tax Credit) - Ontario Focused Flow-Through Share Tax Credit
- Ontario Jobs Training Tax Credit
- Ontario Seniors’ Public Transit Tax Credit
- Ontario Staycation Tax Credit
- Political Contribution Tax Credit
- Seniors’ Home Safety Tax Credit
The deadline to file taxes is April 30th, because that is a Saturday returns can have a post mark on them as late at May 2nd and will still be considered on time if you’re mailing it in.
