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5 Tax Tips for Canadian Families

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If you haven’t tackled your taxes yet this year, these tax tips for Canadian families should help you prepare, or at least answer a few questions. The tax deadline is April 30, 2013 so don’t put it off too long!

5 Tax Tips for Canadian Families | Callista's Ramblings

My father used to joke (at least I hope it was a joke!) that he got married and had children for the tax deductions. When I was young though, there weren’t even as many as there are today!

(Is there a giveaway below? You’ll have to read and see!)

5 Tax Tips for Canadian Families

Disclaimer: This post was created using information provided by H&R Block. I am NOT a tax professional. If you have further questions on how these tax credits work, you will need to ask a professional. You can even call a local H&R Block for advice.

Claim the Kids

Families receive a $2,191 Child Tax Credit for EACH child under the age of 18 which results in a $328 tax savings per child. These credits can be used to lower the amount payable by the parent and if all of it is not needed for one parent, a spouse or common-law partner can receive the rest.

Claim Your Children on Your Taxes

Children’s Fitness Credit

Parents of children under 16 who were enrolled in an eligible program of physical activity can receive a non-refundable credit up to $500. You must have kept your receipts. Disabled children are included up to age 18. Ask a professional or look it up yourself what activities are eligible.

Children's Fitness Tax Credit

Children’s Arts Credit

Parents of children under 16 who were enrolled in an eligible program (could include language classes, Girl Guides, art classes, ballet lessons etc.) can receive a non-refundable credit up to $500. You must have receipts. Ask a professional or look it up yourself what activities are eligible.

Children's Art Tax Credit

Public Transit Passes

Do you use public transit passes? You can claim a non-refundable tax credit for your passes. This includes passes bought for dependent children under 19. The passes must be for a period of at least one month or weekly passes purchased over a period of four consecutive weeks. Electronic payment cards also qualify.

Public Transit Passes

Savings Grants

To encourage you to save for future education or financial security for a disabled family member, the government offers two different grants. The Canada Education Savings Grant (CESG) is $500 per year for those with RESPs. If you have a Registered Disability Savings Plan (RDSP) you are eligible for the Canada Disability Savings Grant which provides matching government contributions. Lower income families are eligible for a one-time Canada Disability Savings Bond of up to $1000 to get the plan started.

Saving Grants - RESP for Education and RDSP for Disabilities

It’s Tax Time

There are a couple options for doing your taxes. You can go see an H&R Block professional like I do every year. If you like to do things yourself, you might be interested in the H&R Block Computer program for doing taxes online.

 

*Image Credits – Girl Artist and Bus from Free Digital Photos. The Rest are from Kozzi.com. (referral link)

Disclosure: This post is brought to you by H&R Block. All opinions are my own. Please also read the disclaimer above. See my disclosure policy for more.

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Mom of five, Girl Guide leader, Blogger, Social Media Enthusiast, Knowledge Seeker, Canadian.

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