For some filing, the income tax return might be a chore that they like to avoid. But it doesn’t need to be like that. It can be a great opportunity to make some savings or get reimbursed for monetary benefits you didn’t know you were entitled to.
The deadline to file taxes online for 2019 is April 30th, 2020. So, if you are reading the blog just before the due date, it means there is still time for you to know about the benefits you have. In addition, the tax system is constantly updated by the Canadian government and some people wait until the last minute to know what deductions and credits they are liable for.
A word of advice – never wait until the tax deadline. Get yourself educated before you file taxes from various file taxes online Canada sites. The best part is that if you know what you are entitled to early on in the tax year, it will make it easier for you to get the list of the receipts and documents for claiming the expenses.
Helpful Tips In Filing Taxes
Family Tax Benefits
The CCB (Child Care Benefit) was created to assist Canadian families with their child care expenses. As per the latest rules from July 2019 to June 2020, parents can claim per child who is aged six is under $553.23 each month. For kids who are aged from six to seventeen, parents are eligible for claiming $466.83 each month.
In addition, if you are a dependent, common-law partner or supporting the spouse, who has a mental or physical impairment, you are eligible for CCC (Canada Caregiver Credit). Here the amount you claim is based on the relationship you have with the individual you are caring for.
Informing Change In Mailing Address
In the current year, if you or your spouse’s or common law-partner mailing address is modified, make sure to provide the new mailing address to the CRA (Canada Revenue Agency) and Revenue Quebec (if necessary).
The CRA address change is quite simple and you must do it before you file taxes online, so that you can avoid any kind of penalties. Also, the CRA or Revenu Quebec will send the important documents or other necessary details to the old address, thereby delaying the benefits you can get.
Disability Tax Credit
Before filing taxes from various file taxes online Canada websites, check whether you are eligible for DTC (Disability Tax Credit). This is for avoiding all kinds of unavoidable expenses for Canadian people suffering from any kind of disability. For getting approval of this credit, a medical practitioner must fill out and back up or certify your disability condition.
Ontario Trillium Benefit
The OEPTC (Ontario Energy And Property Tax Credit) is for low-to-moderate-income Ontario residents having sales tax on energy and even property taxes. You can apply for the Ontario Trillium Benefit if you are eligible for the two components – property tax component and energy component.
File Taxes Online & Make A Good Savings
As the deadline is approaching to file taxes online, you might be able to make some great savings by checking out the above details. If you want to know more, check out the website https://www.canada.ca/en/services/taxes.html
Source URL :- https://sites.google.com/view/tax-software-/home
For more :- Ontario Trillium Benefit