Are You Missing Out on These Potential Tax Credits
As adults that have gone back to school either full or part time we often don’t think of ourselves as students when it comes to our taxes and, therefore can miss out on some important Canada tax credits that are applicable to students.
You may consider that while there seems to be several small tax credits that could be applied for students, they don’t amount to much. Think about all the individual expenses you are faced with now as a student and when you put them all together they certainly do add up. There is your tuition, your books, transportation back and forth to school, and in some cases you may have had to move to be closer to your school. Taking advantage of all the separate tax credits that could be applicable to each of these expenses could be substantial as well.
Even if you are not the student but the parent of a student then you may be able to take advantage of some of these credits by having them transferred to you by filling out a form that you can get from the CRA called the T2202.
Another potential credit that may be available to you is the Trillium tax benefit. This is a combination of tax benefits that used to be offered separately.
What about those charities those charities that you helped out over the year? Here yet again is another potential resource for you to be able to take advantage of by way of a credit.
Then there are your travel expenses. It does cost money to go to work and public transit is not cheap, but when you compare it to the charge for parking then for a lot of people they feel the public transportation is still more cost effective. What some tax payers don’t realize is that there is a tax credit available for this. You do have to keep track of this expense with receipts. This should not be hard to do as many people now purchase monthly passes to save a bit more money.
The thing to remember with Canada tax benefits is there are some that are applicable to the federal government or provincial government or even both.
When you choose a quality Toronto accountant to assist you with your tax return you can take comfort in knowing that he is well versed in all of the potential money saving credits that the government offers and will be able to help you determine which ones are now available to you and what slight changes you might be able to make in order to be eligible for others. Give Sam Seidman a call here at Toronto Accountant at 416-398-1700, and get your taxes done early as well as done right.