With tax time looming just around the corner, it might be time to start looking into government-backed tax credits. But how many of us actually know which tax credits to use?
For instance, did you know that under the employee tax credit, eligible employees may be able to claim a 15% tax credit to help cover work-related expenses, up to a maximum of $1,051? Or that under the children's fitness tax credit
, children under 16 who are enrolled in sports programs for a minimum of eight weeks (with at least one session a week) are eligible for a tax credit of up to $500?
First time buyers may be eligible for the first ime home buyers credit
. Moving expenses that are work-related can also be deducted, as long as these costs are not reimbursed by your employer. Among the items that quality are travel costs, moving and storage costs, and selling costs of your old home, including real estate commissions, legal fees, and land transfer tax.
Come tax time, be sure to speak to your accountant about these options, or peruse the Canada Revenue Agency
for a comprehensive list of tax credit options.