March 30, 2015

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Don’t miss these deductions on your tax return this year.

  1. Children’s Fitness Tax Credit: If your children played soccer, took horseback riding lessons or participated in other eligible physical activity programs you may claim up to $1,000 per child, of the cost of these programs.
  1. Education Tax Credit: You may claim an education tax credit of $400 for each month you were a full-time student. You may claim $120 for each month if you were a part-time student.
  1. Children’s Arts Credit: If your children took part in artistic, cultural, recreational, or developmental activity you may claim up to $500 per child, of the cost of these programs.
  1. First-time Charitable Donors: The First-time Donor’s Super Credit supplements the value of the Charitable Donations Tax Credit by an additional 25% for the first $1,000 donated by individuals who have never claimed a credit for charitable donations. The supplement  applies to monetary donations made after March 20, 2013.
  1. Moving Expenses: If you moved within Canada for work or to attend a full-time post-secondary program, and your new location is at least 40km closer to your new place of work or school, moving expenses may be an allowable tax deduction.

If you made a mistake on your tax return the CRA offers three ways to make changes.

For more information on tax returns visit the CRA website or contact your trusted Smythe Ratcliffe advisor.

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