Tax Guide: Helping Milton Save Money

March 10, 2015

This time of year, many are focused on the tax filing deadline, fast approaching at the end of April.

More Canadians are contributing. More Canadians will receive a T4 this year, and more Canadians are paying taxes.

Knowing this, I thought it would be prudent to outline some of our most important programs to ensure that taxpayers here in Milton are aware of the benefits they can take advantage of.

The Children’s Activities Tax Credit allows parents to claim up to $500 per child under 16 against the fees for sports programs like ballet, hockey and soccer, as well as for artistic and cultural activities including art or music lessons.

The Public Transit Tax Credit allows transit users to claim a non-refundable credit of 15% against the cost of their monthly or yearly public transit passes. This amounts to almost two free months of passes for regular transit passengers.

The First-Time Donor’s Super Credit encourages new donors to give to charity. Donors will receive a 40% credit for donations of $200 or less, and a 54% credit for the portion of donations over $200 not exceeding $1,000.

The Family Caregiver Tax Credit provides relief for those caring for a dependant loved one. If you maintained a residence with the person you supported, you may be able to claim a maximum amount of $4,530 under the Caregiver Amount, for every eligible dependant.

The Family Caregiver Tax Credit is also available to individuals supporting infirm dependants. Those eligible can claim the 15% credit on an amount of $2,058.

The First-Time Home Buyers’ Tax Credit helps Canadians save up to $750 on fees associated with the purchase of qualifying homes after January 27, 2009.

Our Conservative Caucus is focused on helping Canadians make ends meet. Through the programs that our government delivered, Milton residents will get to keep just a little bit more of their money.