Two killed after collision with truck on Hwy. 417 near Limoges, Ont.
Ontario Provincial Police say two people were killed after a car and a transport truck collided in the westbound lanes of Highway 417 near Limoges, Ont. on Tuesday afternoon.
Many Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax credits can help offset the financial burden by putting extra money back in your pocket.
Every dollar you can save on taxes is an extra dollar that can be used to cover your bills and pay for vital expenses.
Below, I’ll share some of the top credits and deductions that you may be able to claim on your income tax return to help you save money.
Some tax credits are offered by default and are automatically applied based on the information you provide in your tax returns. A good example of this is the GST/HST tax credit, which is automatically applied based on your household income.
However, you must manually apply for other tax credits (such as the Canada Child Benefit or home office tax credit) when filing your returns.
If you’re caring for a spouse or family member suffering from a mental or physical impairment, you may be able to claim certain expenses with the Canada caregiver credit. This credit must be claimed manually, and to be eligible, you must be able to prove that you’re a caregiver for:
The dependent must also have lived in Canada for the year you claimed the credit. Depending on the dependent in question, you could claim between $2,350 and $7,525.
Working from home is more common than ever, but it also comes with expenses, such as:
Many of these additional expenses can be claimed as a tax credit. You can even claim certain office supplies. Here’s a full list of what you can claim.
Moving to another province or city can come with a host of expenses, such as:
Both employees and self-employed workers can qualify for this tax credit. There are a few stipulations to apply for this credit, but the majority of moving expenses can be deducted from your income tax return.
Note that this isn’t a tax credit that you have to apply for but a tax expense deduction you can use to reduce your income when filing your taxes.
The stock markets performed poorly in 2022, and many Canadians lost money on their investments. The good news is that you can claim these losses against your other capital gains for the year.
Although the capital loss tax credit can’t be used to deduct your income tax liability directly, it can reduce your capital gains tax liability.
If you’ve reduced your capital gains tax liability to $0, you can save the unused capital loss tax credit and apply it to future years (or up to three years prior).
To apply a capital loss to a previous year:
For example, if you sold an asset such as a stock in 2022 and had a capital loss of $10,000, and you also sold a property and had a capital gain of $4,000, you can apply $4,000 of the capital loss to reduce the capital gain to $0. Then you can use the remaining $6,000 capital loss and apply it to prior or future years’ capital gains.
The GST/HST sales tax credit is automatically paid to eligible Canadians on a quarterly basis (every three months). Eligibility for this credit is based on your income reported the previous tax year and is reassessed on an annual basis.
The CCB is a monthly payment issued by the CRA to parents or guardians of children under 18 years old to help with the costs of raising children. The amount you’ll receive depends on your reported income, your living situation, and the number of dependent children you’re caring for.
The federal CCB payment may also be combined with provincial child tax credits as well, which can increase the amount you’re eligible to receive.
This benefit must be applied for manually through birth registration, your CRA My Account, or by mail.
Can you transfer tax credits to your spouse or partner?
Bonus tip here: if you’ve already used tax credits to reduce your income tax liability to $0, then you might be able to transfer a certain amount of your unused tax credits to your spouse or common-law partner to help them reduce their taxes.
This can be done using the "Schedule 2 - Transfer of Amounts from Your Spouse or Common-Law Partner" form. It's important to note that not all tax credits can be split, and some restrictions apply.
Canadians can file their income tax returns by paper or online using NETFILE-certified tax software. Some of these programs may help by suggesting tax credits that you may be eligible for, which can be very helpful.
The reality is that many tax credits go unclaimed, and over $1.4 billion worth of Canadian tax refunds still remained uncashed as of August 2022.
If you’re unsure which tax credits you may be eligible for, it may be a good idea to consider hiring an accountant to help you file. While your accountant may charge money upfront, the amount that they could help you save may be far more.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
Ontario Provincial Police say two people were killed after a car and a transport truck collided in the westbound lanes of Highway 417 near Limoges, Ont. on Tuesday afternoon.
High waters flooded neighborhoods around Houston on Saturday following heavy rains that have already resulted in crews rescuing hundreds of people from homes, rooftops and roads engulfed in murky water.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Electric scooters (e-scooters) have been gaining popularity in the capital and this season comes with some changes and updates.
Crucial witnesses took the stand in the second week of testimony in Donald Trump's hush money trial, including a California lawyer who negotiated deals at the center of the case and a longtime adviser to the former president.
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Montreal's Felix Auger-Aliassime has advanced to his first ATP Masters final, and he hasn't had to play all that much tennis to do it.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.