TOP FIVE COMMONLY OVERLOOKED TAX TIPS
Tax time is getting closer than we think (2013 deadline to file is April 30) and The Nelson Daily, with help from H&R Block, is providing tips to the public leading up to the final day of filing to Revenue Canada.
Today we focus on five overlooked tax tips
1. Medical expenses: If you pay a healthcare premium through payroll deduction, this is considered a medical expense as well as any deductibles or out-of-pocket expenses that are not covered by your plan. If you purchase healthcare insurance to travel, this can also be claimed as a medical expense.
2. Disability tax credit: Many taxpayers feel they do not qualify but it may be worth asking your doctor to review the criteria on the T2201 medical disability form. This form is submitted to the CRA and they will determine whether you qualify.
3. Claim your income: Any child under 18 who works part or full time during the summer months may be entitled to a refund of taxes paid if their income is below the basic personal amount. Even if no tax is deducted, reporting the income will increase the child’s RRSP contribution limit for future years.
4. Get your benefits: Those turning 19 before April 1, 2014 should be filing a 2012 tax return even if they had no income. This will allow them to collect the GST/HST credit for the quarter following their 19th birthday.
5. Determining dependants: Even with people names, pets are NOT dependants. But if your parents live with you, are over 65 and have a relatively low income, you may be able to claim them as dependants.