T4's are due out by the end of February and as "Tax Time" gets rolling it seems like a suitable time to review the most commonly missed Tax Credits for families:
Childcare
More than "Daycare" counts as
Childcare. Don't forget preschool, babysitters, day camps, overnight camp, boarding school, or Nannies. Some receipts for Arts or Fitness could also qualify as Childcare, which is worth more.
If your child has just started Kindergarten, don't forget to request receipts from January to September.
The lower income spouse normally must claim the childcare, but there are exceptions, so check before letting it go to waste.
The Family Caregiver Amount
If your child or spouse is Infirm or Disabled, you may be entitled to this
new credit. If there is a Disability Tax Credit in place, go ahead and make the claim, otherwise you may need a doctors note. For a Child they must need more support than another child the same age and be likely to continue going forward, but it is not required that they have the Disability Credit.
Caregiver, Infirm Amounts and Disability Transfers
If you help with the Activities of Daily Livings for an Elderly, Infirm (Physical or Mental Challenges) or Disabled Relative over 18 you may qualify to claim their Disability Tax Credit, the Caregiver Amount if they Live with you, or the Infirm Amount if they don't.
Fitness and Arts Credits
If your child is in a
Sports/Fitness program or in any
Arts/Tutoring program for at least 8 continuous weeks or a camp for 5 consecutive days then you can claim up to $500 for
each of these categories, plus additional Provincial Credits in many provinces. If your child has a Disability Tax Credit, you get up to $1000 for each because you get an extra $500 credit for any fees over $100.
Transit Passes for Unlimited Bus, Ferry or Trains
Weekly (5 day min), Monthly or Annual Bus Passes (and Discounted Student Bus Passes through BC Transit) can be used for a
Transit credit. Often Post Secondary Students assume their passes are included in their Tuition receipt but you must print the school fees breakdown to get their Transit and Medical Insurance Amounts.
Medical Expenses
Often people are under the impression they don't have enough medical to make a claim because you have to subtract 3% of your income. They forget items like Extended Health and Dental Plans deducted from their pay, or don't think about other types of
medical claims besides Prescriptions (such as Glasses, Chiropractors, Naturopaths, Braces, Medical Travel, Out of Province/Country Health Insurance for Vacations, etc). Even if you don't have enough to make a claim, you can save them for next year because you can claim the best 12 consecutive months ending in the current tax year. Also, the 12 months selected can be different for each family member. If you lost them, you can usually get Summaries for the entire year from your Health Practitioner or Pharmacy.
Medical Expense Supplement
Often the medical claim itself makes no difference to a person with low income, however there is also a
Medical Expenses Supplement which gives back 25% of the Medical Expenses paid to low income taxpayers as a Refund.
Charitable Donations
Many people don't realize they can claim a donation receipt up to 6 years. This means you can save up all your small donation receipts because you get more credit for amounts over $200 total, or keep them if they make no difference this year for the future. Also if you forgot to claim them in the past, you can gather them up and use them for the current year.
For 2013 there is also a new “First Time Donor's Super Credit” allowing individuals who have never claimed donations before to get extra value for Donations from 2013.
If you think you have missed any of these credits on past returns contact a Tax Professional for Advice. Our company will assist with a free review to help you decide if you could be getting money back by making adjustments.
