Free Tax Credit guide and experiences. We outline pitfalls so that you don't have to learn the hard way, as many of us often do.
Tax Advice
Tax Credit
Tax credits don't need much explaining. They are, as the name suggests, credits given against the amount of tax that you have to pay. In certain cases, provision is made for tax credit if you have certain assets or fall into certain specified categories.
Child tax credit is pretty much straight forward. If you have a child under 17 years of age, you could be eligible for a child tax credit of up to $700. There are certain qualifications that you need to meet before being eligible for child tax credit. Such stipulations are mostly towards the child in question. For example, the child needs to be living with you and must be a son, stepson, daughter or stepdaughter or foster child. In all cases in order to be found eligible for child tax credit, the child must be under 17 years old during that year. In other words if the child turns 17 in that year, you can no longer claim for child tax credit.
One-Parent Family tax credit is a provision whereby single parents can claim a credit on their tax when they have children dependant on them. The parents' single status can be through death of partner, deserted, single or divorced. Single parent family tax credit may not be claimed for if claimed for by a couple as in a man and wife living together. The child may be adopted, a stepchild or a child over whom you have custody. If you find yourself in such a position, then family tax credit may be applied for.
Working family tax credit on the other hand is slightly different. This provision is often limited to certain states or countries. Even if you are not owing any taxes, you may still make a claim for working family credit. If you have at least one child in your home, under the age of 19 or 24 if a student full time, then you may be eligible for working family credit.
Pension tax credit, naturally applies to those receiving a government pension. The first $1000 of your pension is eligible for a 17% pension tax credit on top of your normal provincial tax credit. The pension tax credit provision is only for citizens of 65 years of age and older.
It's always great to get something for free. Use the information above and the links provided to see how you can qualify for tax credit.
