These Are The Tax Credits You May Qualify For

When you are getting ready to file your income tax return, you should always keep in mind that there are some tax credits that may apply to you. They can all add up to a significant amount of money, so you should ensure that you know exactly what they are. We’re going to show some of the main tax credits that you may qualify for. See if they apply to you.

There is the Child Care Expense Deduction, which serves to increase the dollar limits of the Child Care Expense Deduction by $1000. This was made effective in the year 2015.

There is the Family Tax Cut, which has been proposed by the government in an effort to let the spouse who has the higher income, to transfer about $50,000 in taxable income to a spouse who doesn’t earn as much.

There is the Universal Child Care Benefit, which assists families by making their lives more affordable. It was enhanced on the 1st January, 2015.

There is the Children’s Fitness Tax Credit, which proposes to make the credit refundable and to double the $500 Children’s Fitness Tax Credit amount.

The Search and Rescue Volunteers Tax Credit, which proposes the recognition of the remarkable role of volunteers who perform search and rescue efforts on the ground in the air, in the water and more.

The Tax Deferral For Farmers, which proposes the expansion of “types of farming livestock that qualify for tax deferral on sale by farmers dealing with drought or excess moisture conditions.”

The Tax-Free Savings Account, which allows Canadians to earn tax-free investment income so they can keep up with their plans for lifetime savings.

The Tariff Relief For Canadian Consumers is a beneficial proposal which offers relief on baby clothing and on sports and athletic equipment, which will be beneficial to families and to retailers as well.

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