In the latest issue of LawNow, the article “Credit where Credit is Due: Personal Tax Credits in the Canadian Tax System” looks at where personal tax credits are available.
These include credits for:
- dependent family members,
- children’s fitness and arts,
- medical expenses,
- student’s tuition,
- gifts to registered charities,
The amounts of each of these credits can change each year. The 2011/2012 amounts are available on the Canada Revenue Agency’s website.
The Canada Revenue Agency also suggests the top 5 ways to get ready to file your tax return. One of the ways they suggest is just as Hugh Neilson, the author of this article, suggests: annually review what tax credits are available to you by reading your tax package. You can find tax packages for all years on the Canada Revenue Agency website.
You can also check out the Canada Revenue Agency’s video series on preparing your income tax and benefit return.
Be prepared and get the most out of your tax return!