Filing your tax return? Here are eight credits Canadians often overlook:
allow you to claim items as small as contact lenses and glasses and as large as ambulance service and breathing devices.
However, he notes that the 12-month period for which medical expenses can be claimed is flexible and can be adjusted to allow for periods to optimize for the highest credit possible. Mr. Burkett adds that this may create opportunities, for example, in which expensive dental work occurred over a one-year period that ended at some point in 2022 to benefit from medical expenses that wouldn’t otherwise exceed the threshold.
“One of the reasons this is a missed credit is it’s a bit of an awkward question [for clients] to ask their doctor,” he says.It’s well known that donations to registered charities can mean a substantialfor clients. The first $200 donated will provide a 15 per cent federal tax credit with amounts beyond that increasing to a 33 per cent credit, depending on income, says Wilmot George, vice-president, tax, retirement and estate planning, at CI Global Asset Management in Toronto.
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Eight credits Canadians overlook when filing their tax returnsSome people are unaware that there’s some flexibility on when you can claim certain tax credits, experts say
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Eight credits Canadians overlook when filing their tax returnsSome people are unaware that there’s some flexibility on when you can claim certain tax credits, experts say
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