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.

 

Just Posted

Houston athlete trying out for regional girls’ team

Zone 7 girls’ team is first in eight years

Winter road maintenance standards boosted

Quicker response times, longer winter tire season to be implemented

HVAC overhaul to continue this summer

Upgrades at Houston Secondary School (HSS) are a long-time coming, according to… Continue reading

Northern B.C. rail service is unreliable and inadequate, trade minister says

Bruce Ralston pushes federal minister of transport to ensure reliable supply of rail cars

Celebrate the Value of Volunteering

National Volunteer Week is April 15-21

UPDATED: 9 killed, 16 injured after van hits pedestrians in Toronto

Toronto police say nine people have died and 16 are injured

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Judith Guichon steps down as Lieutenant Governor of B.C.

Election decision didn’t make her best moments from the past six years

Vancouver to rake in $30 million in empty homes tax in first year

The tax is the first of its kind in Canada, and was intended to address the city’s near-zero vacancy rate

B.C.’s snowpack continues to increase, melting delayed

River Forecast Centre official says sudden melting further into the season could cause flooding

Another B.C. First Nation voices support for Kinder Morgan pipeline

Simpcw First Nation claims people living on one-third of pipeline route support the project

Malicious Monster Truck Tour coming to Northwest B.C. this summer

It’s the first time in 20 years monster trucks have rolled past Prince George for a northern show

Protesters argue both sides of B.C.’s SOGI curriculum at teachers’ union office

The sexual orientation and gender identity program was launched as a pilot project last year

Prankster broadcasts fake nuclear threat in Winnipeg

The audio recording on Sunday warned of a nuclear attack against Canada and the United States

Most Read