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.
U.S. President Joe Biden has made it to Canada, as part of his first official visit since taking office. Alongside Prime Minister Justin Trudeau, Biden will be meeting with top officials and addressing Parliament in an effort to reaffirm the strength of the Canada-U.S. relationship.
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.
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.
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.
Canada's restaurant industry is bracing for the biggest jump in the country's alcohol excise duty in more than 40 years, spurring warnings the tax hike could force some bars and restaurants out of business.
Pride nights, held annually for several years by National Hockey League teams to show support for the LGBTQ2S+ community, are in the spotlight following several high-profile incidents this season.
The idea of using firing squads is making a comeback in the U.S. Idaho lawmakers passed a bill this week seeking to add the state to the list of those authorizing firing squads, currently Mississippi, Utah, Oklahoma and South Carolina.
Hershey Co. is looking to reduce 'trace' amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of the heavy metals.
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.
For the first time, the owner of a building in Old Montreal has responded to questions about the fire — through his lawyer — addressing allegations that the building was unsafe.
Spring has come and with the annual appearance of flowers, leafy folliage and orange cones in construction zones. Those planning on driving in and around Montreal on the weekend should not that work on highways 13 and 15 and in the Saint-Pierre Interchange will result in road closures. These and the other following areas are best to be avoided.
A St. Catherines man has been charged after a reported robbery in London. Around 6:45 p.m. on Thursday, police were called to the parking lot at Cherryhill Village Mallon Oxford Street after witnesses reported that a man with a knife was demanding items from another man.
A woman is in hospital with critical injuries after an overnight house fire in north London. Crews were called to the scene on Adelaide Street near Dufferin Avenue around 1:20 a.m.
The ‘Catch the Ace’ jackpot is still up for grabs in Hagersville. There was no winner Thursday night so the total prize money is now an estimated $1,526,067.
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 resurrection of Zellers is officially underway with the Cambridge location opening its doors to eager shoppers who lined up ahead of the store's official reopening.
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.
Ottawa residents are being told to expect road closures, transit delays and heightened security in the downtown core today, as U.S. President Joe Biden continues his visit to the capital. Here's what you need to know about Biden's second day in Ottawa.
U.S. President Joe Biden has made it to Canada, as part of his first official visit since taking office. Alongside Prime Minister Justin Trudeau, Biden will be meeting with top officials and addressing Parliament in an effort to reaffirm the strength of the Canada-U.S. relationship.
The quick thinking and immediate actions of two people are credited with possibly saving the life of a Midland councillor after he collapsed at a meeting Wednesday evening.
The Tim Houston PC government remains firm in their promise they'll fix the health-care system by spending more taxpayer money on health than any previous government before.
With Calgary Board of Education students set to kick off spring break once the final bell rings Friday afternoon, some Calgarians are eager to leave the country in pursuit of warmer weather with their families.
U.S. President Joe Biden has made it to Canada, as part of his first official visit since taking office. Alongside Prime Minister Justin Trudeau, Biden will be meeting with top officials and addressing Parliament in an effort to reaffirm the strength of the Canada-U.S. relationship.
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.
Manitoba First Nation police have arrested a man connected with a shooting on March 19 on Long Plain First Nation that resulted in the community going on lockdown.
A series of ancient landslides have been “reawakened” in British Columbia's Cariboo region, costing hundreds of millions in federal disaster assistance funds and prompting warnings that logging is connected to the problem.
The Alberta Energy Regulator has cited an energy company for causing a series of earthquakes, including the largest recorded tremblor in the province's history.
Canada's restaurant industry is bracing for the biggest jump in the country's alcohol excise duty in more than 40 years, spurring warnings the tax hike could force some bars and restaurants out of business.
More than $30 million will be spent over the next three years supporting apprenticeship and learning opportunities in skilled trades, the Alberta government is set to announce on Friday.
