Home buyers' amount
Donations and gifts
Pension income splitting
Emergency service volunteer amount
Child care expenses
Disability tax credit
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You can claim an amount of $5,000 for the purchase of a qualifying home acquired in the year, if both:
1/ you or your spouse or common-law partner acquired a qualifying home; and
2/ you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
Moving expenses can be claimed if you have moved to a new home at least 40 kilometres away, to gain employment or carry on a business at a new work location. Moving expenses can also be claimed if you move to study courses as a student in full-time attendance at a university, college or other educational institution that offers courses at a post-secondary school level.
If you, your spouse or common-law partner made a donation to a registered charity you can claim eligible amounts of gifts to a limit of 75% of your net income. You are able to carry unused donation credits forward to use within the next 5 years. Valid receipts should include the charity’s name, registration number, date, amount donated, donors name and be signed by the organization. The First-time donor’s super credit (FDSC) supplements the value of the charitable donations tax credit by 25% on donations made after March 20, 2013, by a first-time donor.
Eligible medical expenses and medical plan premiums that you, your spouse, dependent or child under 18 have paid in the year can be claimed as a medical expense tax credit. To determine what expenses are eligible see Medical Expense Eligibility.
The tuition amount allows you to reduce any income tax you may owe. Your educational institution will provide you with a slip that has the total eligible tuition fees paid as well as the months you were enrolled either part-time or full-time. If you do not use all of your tuition amount, you can carry forward all of part of your credit to future years or a student can transfer up to $5,000 of their credit to a spouse, common-law partner, parent or grandparent.
A pensioner may be able to reallocate up to 50% of his/her income to a spouse or common-law partner. This can reduce the amount the pensioner will be taxed on and increase the amount the transferee will be taxed on, a better use of a couples tax brackets.
An RRSP is a retirement savings plan that you establish, and to which you or your spouse or common-law partner can contribute. When you contribute to your RRSP, you can deduct that amount from your taxable income for that year. An RRSP is therefore not taxed in the year in which you deduct it and initial contribution and the income it generates are not taxed until it is withdrawn. See RRSP for the complex rules.
You may be able to deduct the cost of eligible tools you bought in the year to earn employment income as a tradesperson and as an eligible apprentice mechanic.
If you are a volunteer firefighter, or a search, rescue, or other type of emergency worker you may be eligible for up to a $3,000 tax credit providing you have federal taxes owing. To be eligible for this credit you have to have completed 200 eligible hours of volunteer fire fighting services or eligible search and rescue volunteer services in the year that you are claiming the credit.
If your children require childcare, you can claim the amount paid to a qualifying childcare provider to look after a child, if the child resides with you during the tax year and is under the age of 16. See child care expenses.
A non-refundable tax credit for a person with a severe and prolonged impairment in physical or mental functions. You will need to have a doctor fill out Form T2201, Disability Tax Credit Certificate.
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The following are definitions of frequently used tax terms. Make sure you understand these terms and know if you qualify for any of these deductions:
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