Did you know that each province and territory in Canada has tax credits that can help Canadians to reduce their provincial income taxes each year? Unfortunately, many people are unaware of the tax credits available to them, and sadly, the ones who do their own taxes but are unaware, are the ones who lose out. Even if you hire a tax professional to file your taxes for you every year, it is still good for you to be aware of what is available to you.
How can I find out what tax credits are available?
If you want to know what specific tax credits are available to you in your specific province or territory, simply go to the Canada Revenue Agency (CRA) website, and check out the section entitled Provincial and Territorial Tax and Credits For Individuals.
Select your province or territory and at the top you will find information about the specific tax rates. Below you will find a complete list of all the tax credits and reductions available so that you can make sure you are taking advantage of all the ones that pertain to you.
If you are unsure of how a specific tax credit may apply to you, you can always contact the CRA directly or you can talk to an accountant to get more clarification.
Examples of Provincial Tax Credits
Here are just a few examples of tax credits that might be available in your province:
1. Age Amount
2. Medical Expenses
3. Donations & Gifts
4. Adoption Expenses
5. Tuition & Education Amounts
6. Pension Income Amount
As you can see, there is a tax credit available to everyone for at least one thing or another, so do a bit of research and find out how to take advantage of these so that more of your hard-earned money can stay in your pocket.
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