Low, lower, lowest – to make sure you get full credit for every tax-trimmer available to you, start here.
Essential items
- Basic personal tax credit – raised to $10,320.
- Spouse/equivalent-to-spouse credit – for support of an eligible partner whose net income
was less than $10,320.
- Eligible dependent credit – for support of an eligible dependent whose net income was
less than $10,320.
- Caregiver credit – up to $4,198 for care to an infirm or elderly relative in your home.
- Disability credit – available to those suffering from a significant physical or mental
impairment. Unused portion can be transferred to a supporting relative.
- Medical expenses credit – generate a larger credit by combining expenses on the return
of a lower earning spouse or by choosing the most advantageous 12-month period for
unclaimed expenses ending in the current taxation year.
The mature
- Age credit – for those over 65; reduces up to an income level of $75,032. Unused
portion can be transferred to a supporting spouse.
- Pension income credit – claim up to $2,000. Can be transferred to an eligible spouse.
- Pension income splitting – possible to allocate half of your qualifying pension to a lowerearning spouse.
Your children
- Children’s fitness credit – up to $500 per child under 16 years for eligible fees for a
physical activity program.
- Universal child care benefit --- $100 per month for each child under 6; income is taxed to
the lower-income spouse.
- Child care – claim babysitting and other child-care expenses that allow you or your
spouse to work or take a training course. Must be claimed by the lower-earning spouse.
- Adoption expenses – claim up to $10,909 if adoption finalized in 2009. Credit can be
split between adoptive parents.
Students
- Tuition fees, education deduction and Textbook credit – unused credits can be
transferred to a spouse of common law partner or to a supporting parent or grandparent
(to a maximum of $5,000). Scholarship and bursary income for a post-secondary student
is tax-free.
- Education and textbook credit – fulltime students claim $465 for each month of postsecondary enrollment; part-time students claim $120 per month.
- Interest paid on student loans – deductible.
Other tax-reducers
- Company pension plan contributions for 2009 – deductible within limits.
- Canada Pension Plan and Employment Insurance contributions – eligible for tax credit.
- Dividend tax credit – for dividends from Canadian corporations.
- Charitable donation credit – claim and pool previously unclaimed donations for a five year
period.
- Home Renovations Tax Credit – for qualifying renovations undertaken and completed
between January 27, 2009 and February 1, 2010.
- Public transit credit – claim the costs of public transit passes/electronic payment cards.
To make sure you get every credit, deduction and other tax-savers available to you, contact me before you file your return.