Ontario income credits people need to know about before filing their taxes
Ontario income credits people need to know about before filing their taxes
While the deadline to file your taxes gets closer, there are some personal tax credits people in Ontario may qualify for.
“Today is the best time to start putting all your papers together, and that way, you’ll be sure you don’t forget anything,” H&R Block tax specialist, Yannick Lemay, told CTV News Toronto.
“Often what we see in practice is that the credits that get forgotten are those that people need to search for slips, they need to search for receipts.”
Lemay brought up Ontario’s Staycation Tax Credit as an example. Through this credit, Ontarians who have stayed in a hotel or rented a cottage in the province can claim 20 per cent of eligible accommodation expenses between Jan. 1 and Dec. 31, 2022.
“We are excluding costs for food, entertainment, gas, and all extra expenses, but anything that goes for accommodation for travel, you can claim,” he said, noting Ontarians who want to apply for this credit should have all of their receipts. “It’s up to $1,000 [for an individual], and it’s a 20 per cent rate credit, so that means Ontarians can get up to $200 back.”
Families and couples can claim up to $2,000 and get a maximum credit of $400.
“Now is the time to get those receipts,” Lemay said. “But there are other credits that have changed, improved, or are new credits, for which you don’t necessarily have to provide an additional receipt.”
Seniors who are 70 years and older can write off up to 25 per cent of their medical expenses, and can claim up to $6,000 for a maximum of $1,500 in return.
The credit is refundable and anyone earning up to $65,000 annually can qualify, though the amount of credit is on a sliding scale based on income level.
There is also the Childcare Access and Relief from Expenses (CARE) tax credit, which helps families with a household income of $150,000 or less. Eligible families may be able to claim up to 75 per cent of child care expenses, including child care centres and camps.
While there are personal income tax credits, Lemay says there are also deductions that Ontarians will want to keep in mind.
Anyone who has moved to be closer to work or school might be able to claim their moving expenses, he said.
“Sometimes people think they don’t move far enough to be able to deduct moving expenses, but the criteria is 40 kilometres,” Lemay said.
According to the federal government, if your new home is at least 40 kilometres closer to your new job than your previous home was, you can be eligible for the moving expenses deduction.
Lemay also noted those who have investments outside of their registered accounts – like their Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) – can deduct management fees.
“If you’re paying management fees to your financial institution to manage your money – your investments – those fees are deductible, and they don’t come with a tax slip,” Lemay said. “Sometimes you have to look at the bank statement to find the fees.”
May 1 is the deadline for most Canadians to file their tax returns, with June 15 being the deadline for those who are self-employed.
As Joe Biden makes his first trip to Canada as president of the United States, CTVNews.ca is offering live coverage of the leader's visit. Follow our live blog on CTVNews.ca and the CTV News app for the latest updates.
U.S. President Joe Biden arrived on Parliament Hill saying that he and Prime Minister Justin Trudeau "have a lot to talk about," but that it's great to be in Canada.
Notable people will be in attendance at Friday’s gala dinner with U.S. President Joe Biden, hosted by Prime Minister Justin Trudeau and his wife at the Canadian Aviation and Space Museum, including former prime ministers and celebrities.
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
The United States' first lady was given a sweeping introduction to Canadian sports culture in Ottawa today as Sophie Gregoire Trudeau took Jill Biden to the curling rink.
W5 investigates aging asbestos pipes across Canada and the potential health hazards if it ends up in your tap water. Watch W5's 'Something in the Water' Saturday at 7 p.m. on CTV.
Short-term rental company Airbnb says it will pull listings that don't have a proper permit from the Quebec government. The San Francisco-based company made the announcement eight days after a fatal fire destroyed an Old Montreal building that housed illegal rentals.
An Ontario couple has filed a request with the Office of the Independent Police Review Director (OIPRD) to appoint a new police force to investigate the death of their 17-year-old son Benjamin, who died during a hockey team-bonding event in September 2019.
Short-term rental company Airbnb says it will pull listings that don't have a proper permit from the Quebec government. The San Francisco-based company made the announcement eight days after a fatal fire destroyed an Old Montreal building that housed illegal rentals.
Canada and the United States are negotiating a deal that could see asylum seekers turned back at irregular border crossings across the border, including Roxham Road in Quebec.
Quebec Education Minster Bernard Drainville says he is preparing a strategy to fight violence in schools after Liberal MNA Marwah Rizqy reported a rise in violent incidents across Quebec.
A London man was arrested early Friday morning after being spotted throwing a cinder block through the front door of a restaurant, according to police.
An uncommon phenomenon lit up the skies across southern Ontario on Thursday night, including in Waterloo region where the aurora borealis – also known as the northern lights - shone bright enough to see with the naked eye.
It might be a sign of change in the pandemic that has gripped the world for three years, as the regional COVID-19 cold and flu care clinic run by Grand River Hospital is closing its doors.
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
U.S. President Joe Biden arrived on Parliament Hill saying that he and Prime Minister Justin Trudeau "have a lot to talk about," but that it's great to be in Canada.
Housing advocates in Nova Scotia say the provincial budget neglects people struggling with affordability and those on the edge of experiencing homelessness.
Calgary police have released photos of a man and vehicle believed to be involved in a case of road rage last month that left the victim with substantial injuries.
The Calgary Police Service confirms charges have been laid against a driver in connection with Thursday's crash of a semi-truck into the 32nd Avenue N.E. overpass along Deerfoot Trail.
A Manitoba First Nation is enacting measures to combat an ongoing drug and addiction crisis while also calling on the federal and provincial governments to do more to address drug-related deaths within northern remote Indigenous communities.
Manitoba’s labour force is growing at a rate to supply enough workers for available positions into 2026, according to the province’s labour market outlook.
The City of Vancouver has asked a group of volunteers keeping vigil over a temporary residential school memorial at the Vancouver Art Gallery to remove the tribute.
A tuition increase of 5.5 per cent for domestic students and international students who were admitted before the start of the 2020 academic year was approved by the University of Alberta Friday morning.
