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Full credit – tax-savers you need to know about

Full credit – tax-savers you need to know about

Low, lower, lowest – to make sure you get full credit for every tax-trimmer available to you, start here.

 

Essential items

- Basic personal tax credit – raised to $10,320.

- Spouse/equivalent-to-spouse credit – for support of an eligible partner whose net income

was less than $10,320.

- Eligible dependent credit – for support of an eligible dependent whose net income was

less than $10,320.

- Caregiver credit – up to $4,198 for care to an infirm or elderly relative in your home.

- Disability credit – available to those suffering from a significant physical or mental

impairment. Unused portion can be transferred to a supporting relative.

- Medical expenses credit – generate a larger credit by combining expenses on the return

of a lower earning spouse or by choosing the most advantageous 12-month period for

unclaimed expenses ending in the current taxation year.

 

The mature

- Age credit – for those over 65; reduces up to an income level of $75,032. Unused

portion can be transferred to a supporting spouse.

- Pension income credit – claim up to $2,000. Can be transferred to an eligible spouse.

- Pension income splitting – possible to allocate half of your qualifying pension to a lowerearning spouse.

 

Your children

- Children’s fitness credit – up to $500 per child under 16 years for eligible fees for a

physical activity program.

- Universal child care benefit --- $100 per month for each child under 6; income is taxed to

the lower-income spouse.

- Child care – claim babysitting and other child-care expenses that allow you or your

spouse to work or take a training course. Must be claimed by the lower-earning spouse.

- Adoption expenses – claim up to $10,909 if adoption finalized in 2009. Credit can be

split between adoptive parents.

 

Students

- Tuition fees, education deduction and Textbook credit – unused credits can be

transferred to a spouse of common law partner or to a supporting parent or grandparent

(to a maximum of $5,000). Scholarship and bursary income for a post-secondary student

is tax-free.

- Education and textbook credit – fulltime students claim $465 for each month of postsecondary enrollment; part-time students claim $120 per month.

- Interest paid on student loans – deductible.

 

Other tax-reducers

- Company pension plan contributions for 2009 – deductible within limits.

- Canada Pension Plan and Employment Insurance contributions – eligible for tax credit.

- Dividend tax credit – for dividends from Canadian corporations.

- Charitable donation credit – claim and pool previously unclaimed donations for a five year

period.

- Home Renovations Tax Credit – for qualifying renovations undertaken and completed

between January 27, 2009 and February 1, 2010.

- Public transit credit – claim the costs of public transit passes/electronic payment cards.

To make sure you get every credit, deduction and other tax-savers available to you, contact me before you file your return.

About the author

Pl. Fin. Noël Hémond

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