Although parts of the country are covered in snow and dealing with sub-zero temperatures, spring isn’t too far away (according to Wiarton Willie however, it seems Punxsutawney Phil disagrees). And with spring comes warmer weather, sunnier days and tax season. While some may cringe at the thought of preparing a tax return, you do not have to go it alone. When it comes to taxes, you aren’t alone and there are professionals that can help with every step so you don’t miss a thing.
Thankfully too, there is other good news this tax season. There are new tax credits that can affect families – and other Canadians – on their 2014 tax return:
- New Family Tax Cut: Introduced in October 2014, the Family Tax Cut provides a tax credit to families with children under 18 equal to the tax savings that would be realized if up to $50,000 of taxable income were transferred from the higher income to the lower income spouse or common-law partner. The maximum credit is capped at $2,000.
- Children’s Fitness Tax Credit: If your children are active, the government increased the Children’s Fitness Tax Credit to $1,000 and made it retroactive for 2014. Parents should claim the receipts in the year they paid – not the year the activity takes place.
- Remember the First-Time Donor Super Credit: Much like the name implies, if you were a first-time donor in 2014, you will get some extra credit for your donation. Originally introduced last year, when asked on a recent Leger survey if they were aware of the credit, 72 per cent of Canadians said no.
- New search and rescue credit: Meant to complement the volunteer firefighters credit, search and rescue volunteers who put in 200 hours or more of work can claim a personal amount of $3,000, which means $450 tax savings.
In addition, though the Universal Child Care Benefit (UCCB) does not show up in your tax refund, parents with children under 18 will start to see an increased benefit in July 2015. For children under six, the monthly amount will be $160 (up from $100) and for children between six and 18, it will be $60 a month. The increase for January to June will be paid in a lump sum in July 2015. And then parents can expect the increased amounts to arrive monthly after that. If you haven’t already registered for child benefits, use Form RC66.
If filing your own taxes seems like a daunting and stressful task, it’s OK to ask for help. A local H&R Block tax professional can help you through the entire process and ensure you take advantage of every credit available so you don’t miss a thing.
Win it: One lucky Canadian reader will win one gift certificate to do their taxes, valid for one regular return (T4) that can be used at any H&R Block retail office location. The value for the gift certificate is approx. $100. Enter to win via Rafflecopter below. Good Luck All!
Disclosure: This post and giveaway have been sponsored by H&R Block.