Tax season can be stressful, but it’s also a time to take advantage of valuable deductions and credits that can put money back in your pocket. Here are some key tax breaks you won’t want to miss:

For Seniors:

• Guaranteed Income Supplement (GIS): This monthly benefit provides tax-free income to seniors aged 65 and older who receive Old Age Security (OAS) and have an annual income below $22,056. It’s a valuable support for those with limited retirement savings.

Guaranteed income supplement.

For Caregivers:

• Canada Caregiver Credit: If you’re supporting a spouse or common-law partner, or a dependent with a physical or mental impairment, this credit can help offset some of your caregiving expenses.

Canada caregiver credit

For Low- and Modest-Income Individuals and Families:

• GST/HST Credit: This tax-free quarterly payment helps individuals and families with low and modest incomes offset the Goods and Services Tax/Harmonized Sales Tax (GST/HST) they pay. The good news is that you’re automatically considered for this credit when you file your taxes!

GST/HST credit

For Everyone:

• Canada Carbon Rebate: While not available in all provinces and territories, this rebate helps offset the cost of the federal carbon tax. Make sure to file your taxes by March 24th to receive your first payment on April 15th!

Canada carbon rebate

For Individuals with Disabilities:

• Disability Tax Credit (DTC): This non-refundable tax credit can significantly reduce the income tax owed by individuals with disabilities or their supporting family members. Disability tax credit.

Note  – You may qualify for a Registered Disability Savings Plan (RDSP) if you have the Disability Tax Credit.

• Disability Supports Deduction: If you have a physical or mental impairment and paid for certain medical expenses related to work, school, or grant-funded research, you may be able to claim this deduction.

Disability supports deduction

For Homeowners and Renovators:

• Home Accessibility Expenses: If you’re 65 or older or if you are eligible for the Disability Tax Credit, you can claim eligible expenses for renovations that make your home more accessible.

Home accessibility expenses

• Multigenerational Home Renovation Tax Credit: Adding a secondary unit to your home for a senior or an adult with a disability? You could claim up to $50,000 in eligible renovation costs.

Multigenerational home renovation tax credit

Don’t Forget the Basics:

• Medical Expenses: Remember to keep track of your eligible medical expenses throughout the year, as you may be able to claim them on your tax return.

Medical expenses

• Canada Training Credit: Investing in your education? If you’re older than 26 and younger than 66, you might be eligible for this credit to help with tuition and other training costs.

Canada training credit

• Pension and Savings Income: Don’t overlook deductions and credits related to your pension and savings income, including contributions to the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), Registered Retirement Savings Plans (RRSPs), and registered pension plans.

Deductions, credits and expenses related to pension and savings income.

Need Help Navigating These Tax Breaks?

Tax rules can be complex. If you have questions or need assistance with your taxes, don’t hesitate to contact me at [email protected]!  We’re here to help you maximize your tax benefits and achieve your financial goals.