Guest Blog Written By: TurboTax expert Matt Kanas
Well, it’s that time of year again. And no, I’m not talking about spring. It’s tax season.
Between juggling kids and everything else in your life, you’re likely procrastinating getting your taxes done. But here’s the good news: being a mom/parent has tax benefits.
That’s right. There are plenty of benefits and credits available for families! A recent Intuit study found that 36 per cent of Canadians avoid doing their own taxes because they’re afraid of missing out on deductions. If you’re one of them, don’t worry! Here are some tax tips to help you get the most out of having a family this year. Tax season just got a little more exciting, am I right?
Tax Benefits and Credits
- Did you just welcome a new addition to your brood? The Canada Child Tax Benefit is available to families with children under the age of 18. Apply through an Automated Benefits Application service when your child is born, or through the Canada Child Benefits Application to be eligible for this tax-free monthly payment.
- Good news! Adoption expenses can now be claimed too. The new Adoption Expense Credit gives parents a non-refundable credit on adoption expenses up to $11,669 per child.
- There are plenty of other expenses associated with babies that you can write off too. For example, in vitro, pre-natal and post-natal treatments, and even hospital services. Visit the Canada Revenue Agency website for more information.
- Child care costs – even babysitters – can also be claimed on your income tax return. Just make sure that you ask for a receipt.
- Did you just buy your family’s first home and feeling a little cash-strapped? More good news – new home buyers are eligible for the First-Time Home Buyer Tax Credit. The amount refunded is generally $750.
These benefits and credits are just the tip of the iceberg.
Tax software like TurboTax gives you a personalized experience, so it’s easy to prepare your taxes and make sure that you don’t miss out on anything! If you need a helping hand, TurboTax also gives Canadians access to expert tax support and advice via phone, online chat, email, Facebook and Twitter.
ChicMamma.ca will be hosting a giveaway of TurboTax so you can take advantage of these benefits and more. Happy filing!
For more information, check out TurboTax Online and the Canada Revenue Agency.
I would like to be able to do my own taxes. I entered for the giveaway but didn’t see a place for comments there.