As Canadian tax payers we are constantly hearing about all the great tax breaks our Government is affording us. Yet as individuals we really don’t see anything significant that is perhaps making a major change to our particular tax status. Part of the reason we don’t realize this is because preparing your taxes can be really complex. The other reason is not really being aware of what tax credits may be available to you. Both of these reasons as well as others are many times the reasons why even the average tax payer will utilize the services of a Toronto tax accountant.
Another tax credit that many are not aware of which is of particular interest to those that have children is the children’s arts credit. This is a credit that has a max. amount of $500. for each child that qualifies. Then added to this is another potential tax credit of $500. for those children that can qualify for the children’s fitness amount. Both of these tax credits are doubled for children with disabilities.
So for example, if you were able to tax advantage of the $2,000. under the family caregiver credit, plus $500. for the children’s arts credit, then include the $500. fitness credit, you can see how the potential tax credits can add up. You would now have a $3,000. tax credit that could make a real difference to further reduce your taxable income and reduce your tax obligations.
These are just three out of several potential tax credits for families. Each and every tax credit comes with eligibility requirements and this is where it can become confusing. You may just not understand one small segment of the required criteria and this could cost you the loss of being eligible for a credit. By using a quality Toronto tax accountant your potential rights to tax breaks are far more protected.
As a Toronto tax accountant I would be pleased to help you recognize all your potential tax breaks and help you get the tax breaks you deserve. Call me at 416-398-1700.
