Prepare for the season – tax season – Part 1 of 2!

Yes we know between fighting the crowds in the shopping malls and triming the tree, wrapping gifts, taking that cheesy ugly Christmas sweater you have a lot on your plate….

But the year end is approaching and that would be the tax year end for 2015. Keep in mind the following deadlines for items that can save you some money on your upcoming Personal Income Taxes. This is part one of two and will focus on the tax credits available (tax credits reduce the amount of Federal Income Taxes you will pay):

  • Donations. December 31st is the deadline for having your donations included on your tax return. Keep in mind your tax credit increased over $250 in total donations and also don’t forget about the Donation – First Time Super Credit (opens in new window). What is that you ask, well click here to see the information video from our Beancaster.com video site.
  • Childrens Arts programs. Is your child planning to participate in an Arts (including dance, music etc). Why not enroll them before Dec 31st (so you get the receipt). Watch the informative video (from our Beancaster.com video site – opens in new window).
  • Childrens Fitness program. What about your child get’s into any organized sporting activity? Why not enroll them before Dec 31st so you get the tax receipt. Watch this video from our Beancaster.com video site.
  • Public Transit passes. Do you spend some time on public transit? Well put together your public transit passes so that we can save you some taxes. Watch this video from our Beancaster.com video site.
  • Did you buy your first home this year? Awesome and congradulations. No more paying some elses mortgage! Make sure you have a copy of your statement of adjustment (your lawyer or notary provides this to you). Watch this video from our Beancaster.com video site.
  • Thinking about helping your family member out by having them move in so your can care for them? Well there is a tax credit for that! Get your family member to move in before December 31st as well as put a folder together for there tax slips and info (better if we prepare both returns). Check out this video from our Beancaster.com web site.
  • Medical Expenses. Did you know you can include any 12 months period that ends in this year? Grab both the current and prior (unclaimed medical and dental expenses) – Click here for a list or allowable expenses (CRA website – opens in new window). Any if you are thinking about having a major item done – maybe a crown or route canal – ouch! Well, get it done by the end of year so you can include it! But remember you can only include any 12 months period (maybe Jan-Dec or March from the prior year to Feb of this year). If you have perscriptions but can not find the receipts? Well most pharmacies will generate an annual perscription printout which is acceptable.
  • Did you adopt a new family member – sorry pet’s don’t count? Congradulations! Put together the adoption expenses and you can make a claim. For more information click here for the CRA information (opens in new window).
  • Are you (or your spouse or dependents) disabled? Perhaps this disability is related to mobility, feeding, dresssing or mental function. CRA provides a disability tax credit which can be transferred to spouse or parent (if not used in full). For more information on the Disability Tax credit click here for the CRA web page – opens in new window. The next step is to complete the top portion of the T2201 Disability Application form and take it to your medical professional for completion. Once completed, send it to our office for submission. You can get a fillable T2201 Disability Application from our website by click here – opens in new window.
  • Are you thinking about moving in together? Well make it offical before December 31st and you will be able to combine your medical expenses, donations and even transfer unused credits if your new common-law partner if you partners income is low enough.
  • Did you take a course that you completed within the year? Make sure you get a copy of the offical T2202 – Tuition receipt from the school. Most major schools allow you to print out the T2202 receipt online (if you have any problems just provide us with your school log on information and we will obtain the T2202 slip when we prepare your tax return).
  • Did your spouse or dependents take a course that completed during the year? Make sure you get the T2202 receipt (note above) as well as put together the other slips for the student as we suggest we prepare the return for you and the student to ensure accuracy of the transfer.
  • Did you make payments on your student loans during the year? You are able to claim the student loan interest.
  • Are you a volunteer firefighter or search and rescure volunteer? There is a tax credit for this so make sure you let us know this when we prepare your tax return in the next few months!

Whew! All done with the tax credits that you should keep in mind so that you have the information together so you maximize the claims.

In Part 2 you will find out what deductions are available to you (reducing your taxable income) and how you can maximize these and how they are effected by the December 31st deadline.

And or course for more information please contact our office by either:

  • Complete the contact form on this web page (either to your right or below this article).
  • Click the Chat Now link within this page (if present)
  • E-Mail our office: Click here for staff e-mail or click here for accountant e-mail.
  • Call our office at either: 604-463-8202 or 1-800-667-9254 (Toll-Free Canada/USA).
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