OTTAWA, ONTARIO -- (Marketwire) -- 02/18/13 -- Did you know?
There are lots of benefits and credits to help families with their expenses throughout the year and reduce the amount that they owe at tax time.
The following tips may help you or your family:
- Working income tax benefit (WITB) - Working individuals and families with low income may be able to claim this refundable tax credit. The WITB includes a supplement for individuals who qualify for the disability amount. Eligible individuals and families may also apply for advance payments.
- Children's fitness tax credit - Did your children play soccer, take ballet classes, or participate in a program of physical activity in 2012? If so, you may be able to claim up to $500, per child, of the cost of these activities for a non-refundable tax credit of up to $75 for each child. You may claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid a minimum of $100 in eligible expenses.
- Children's arts tax credit - Did your children participate in a program of artistic, cultural, recreational, or developmental activity in 2012? If so, you may be able to claim up to $500 of the money spent per child on these activities for a non-refundable tax credit of up to $75 for each child. You may claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid a minimum of $100 on registration or membership fees for an eligible program.
- Child care expenses - Did your children attend daycare or a program such as a summer day camp in 2012? You or your spouse or common-law partner may be able to claim what you spent on eligible child care in 2012.
- Family caregiver amount - If you have a dependant with a physical or mental impairment, you may be able to claim up to an additional $2,000 when you claim certain non-refundable tax credits.
- Goods and services tax/harmonized sales tax credit - The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset all or part of the GST or HST that they pay.
- Public transit amount - Did you or your eligible dependant use public transit in 2012? You may be able to claim the cost of certain public transit passes or electronic payment cards under this non-refundable tax credit.
- Home buyer's amount - Did you buy a home in 2012? You may be able to claim a non-refundable tax credit of up to $750 for the purchase of a qualifying home.
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