Tips on saving money this tax season

The Canada Revenue Agency offers some ways to save time and money

Want to make sure you haven’t missed out on a tax credit?

The Canada Revenue Agency has come out with some tips ahead of the April 30 filing deadline.

Families with kids get a whole range of options. You have to tell the Canada Revenue Agency that you have children, if you haven’t already, and a quick and easy way to do that is to fill out the automated benefits application, which will register you for the Canada child benefit as well as the B.C. family bonus and early childhood tax benefit.

The Canada child benefit is a tax-free monthly payment to help families with the cost of raising kids.

  • Up to $6,400 annually for each child under the age of 6 and $5,400 annually for each child aged six-17.

Childcare expenses can also be claimed, and if your child is eligible for a disability tax credit, you can claim a child disability benefit.

Parents of kids enrolled in fitness or arts programs get to claim $500 or $250, respectively, of the fees you paid for those programs in 2016.

There are tax credits for individuals and child-free families too:

 

  • Working income tax credit applies for all Canadians aged 19 and older who pay income tax and make under and $20,314 a year.
  • The same tax credit applies to families or those with children who take in $29,186 a year.
  • A GST/HST credit, with the amount depending on income and number of children.

 

 

 


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Blaze takes commercial building in Louis Creek Industrial Park

Firefighters, paramedics and RCMP from Barriere and Chu Chua were on scene

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

Two new COVID-19 cases reported in Interior Health

The total number of Interior Health cases since the beginning of the pandemic is now at 522

Bear sightings continue in District of Clearwater

One bear was seen taking a lounge in a resident’s backyard

Orange Shirt Day

To the Editor, Since May, 2013, in British Columbia when Orange Shirt… Continue reading

B.C. records 98 more COVID-19 cases, most in Lower Mainland

One new senior home outbreak, Surrey Memorial outbreak over

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

97 distressed horses, cats and dogs seized from farm in Princeton

RCMP assisted as BC SPCA executed search warrant

$250K reward offered as investigation continues into Sea to Sky Gondola vandalism

Police also asking for specific footage of Sea to Sky highway around time of incident

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Trudeau ‘disappointed’ by RCMP treatment of Sikh officers over mask issue

World Sikh Organization of Canada said taking Sikh officers off the front lines constitutes discrimination

Liberals reach deal with NDP on COVID-19 aid bill, likely averting election

NDP and the Liberals have reached an agreement on COVID-19 sick-leave

Money laundering inquiry delayed over of B.C. election: commissioner

Austin Cullen says the hearings will start again on Oct. 26

Most Read