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You’ll enjoy greater tax savings if you claim all your charitable donations on one spouse’s tax return, rather than having each spouse claim some.
By claiming medical expenses on the return of the lower-income spouse, you’ll increase your available credit.
If you purchase Canada Savings Bonds using your payroll purchase plan, the interest charged by your employer to participate is deductible at line 122 as a carrying charge.
Did you know that you might be entitled to a quarterly cheque from the government for the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST) ? Anyone over the age of 19 is eligible for the GST credit, but you must file a tax return in order to receive it — even if you’re not taxable!
If you are responsible for the care of a child who is under 18, you might be eligible to claim the Canada Child Tax Benefit (CCTB) for that child.
Always reduce your taxable income to equal your total tax credits for the year. If you reduce your taxable income to zero, you won’t owe any taxes, but you might be wasting some deductions.
