In one of our recent posts we highlighted some of the 2013 tax events, and said we would expand on some of these so you can make sure that you keep them in mind moving forward to the new year.
One of the tax events that we mentioned was the Family Caregiver tax credit that the government reflected upon in January 2013. The year 2012 was the first tax year that you would have been able to claim this credit if you qualified. Perhaps you didn’t make use of it then, but it may be worth looking at for your 2013 return if this is something that could be applicable to you.
You have to understand what the family caregiver tax credit is. It is not a separate credit but one that works in conjunction with other credits that are related to dependents.
First you have to determine that you have a qualifying dependent and that you also qualify for one of the related non-refundable tax credits. If you have been eligible for the infirm dependant tax credit you should see that it was increased in 2012 by $2,000. This is an auto inclusion of the family caregiver amount.
Aside from the family caregiver credit there are a lot of other potential credits that you could be missing out on. All too often when the average tax payer is trying to figure out what they are eligible for they become overwhelmed with the tax jargon and qualifications that they just give up on trying to determine if they are eligible.
There are so many potential tax credits available to the Canada tax payer that is worth having a Toronto accountant prepare your tax return for you. This professional will discuss the various potential credits with you and based on the information you provide him with he will quickly know whether you are eligible.
It has become the habit of many to go to one of the quick tax preparers that seem to pop up all over the city during the tax return season. While this is convenient, and you may find their rates enticing if you are not getting all that you are entitled to by way of potential tax credits then you could in fact be losing money.
Give us a call here at Toronto Accountant at 416-398-1700, and let us make sure that you are not missing out on what you are entitled to.
