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You are here: Home / Reviews & Giveaways / Tax Tips for Canadians with Children

Tax Tips for Canadians with Children

02/21/2013 By Tammi 49 Comments

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It’s almost that time of year again, tax time. Are you prepared?

For us, it’s an especially chaotic time with both business {x2} and personal {x2} taxes. Oy! It used to be a very stressful and confusing time of year, yet I see it now as hardly a bump in the road. You see, I fully admit to going about my personal taxes all wrong the first year I was a parent. Yet, knowing simple facts and important Tax Tips for Canadians with Children, really lifted the burden and saved me a lot of money over the years.

Saving money? Ya, who doesn’t want that end result?!

Here are the Tax Tips for Canadians with Children you need to know:

  • Claim the kids: Families will continue to benefit from a $2,191 Child Tax Credit for each child under the age of 18. This will result in a federal tax saving of $328 per child. And if one parent cannot use the entire amount to lower their tax payable, the unused amount can be transferred to a spouse or common-law partner.
  • Credit for being active: The Children’s Fitness Amount is a non-refundable credit is worth up to $500 for children under the age of 16 enrolled in an eligible program of physical activity. Not every program meets the eligibility guidelines so you need to ensure you know the requirements. Make sure you keep your receipts. Disabled children will also qualify for the credit if they are under 18. Manitoba, Yukon, Ontario, Nova Scotia and Saskatchewan also have a provincial fitness credit.
  • Artistic credit: The new Children’s Arts Credit is another non-refundable credit worth up to $500 for children under the age of 16 enrolled in an eligible program. This could include language classes, Girl Guides or Scouts, art classes or ballet lessons. Again, keep your receipts to make the claim.
  • Universal Child Care Benefit: This is available to any family with children under the age of six regardless of the household income. Each child under six is eligible for the $100 per month benefit. UCCB is taxable in the hands of the lower-income spouse.
  • Child Tax Benefit: Upon the birth of a child, parents should complete Form RC66, Canada Child Tax Benefit Application and send it to the CRA. This form will register their child for the GST/HST Credit and Universal Child Care Benefit (UCCB) as well as the Child Tax Benefit.
  • Use public transit: Taxpayers who use public transit can claim a non-refundable tax credit for their passes. This includes passes purchased for dependent children under the age of 19. The passes have to be for a period of at least one month or weekly passes purchased over a period of four consecutive weeks. Electronic payment cards also qualify.
  • Save for future education: Designed to help save for a child’s post-secondary education, parents can make up to $50,000 RESP lifetime contribution. Canada Education Savings Grant (CESG) per year is $500.
  • Registered Disability Savings Plan: The RDSP was introduced to help families save for the financial security of a disabled family member. There are great incentives provided to encourage people to open RDSPs like Canada Disability Savings Grant, which will provide matching government contributions. For a lower income family, a one-time Canada Disability Savings Bond will provide an initial government contribution of up to $1,000 to kick-start the plan.
  • Canada Learning Bond: Designed to help lower income families the Government provides $500 in a CLB at birth for children whose families are entitled to the National Child Benefit Supplement. As long as the family is still entitled to the supplement, they will receive an additional $100 CLB each year until the age of 15.
  • Get a SIN: Apply for a social insurance number upon a birth of the child. You will need this in order to open an RESP. It will also be required even for minor jobs such as babysitting or paper routes. Money earned from this type of employment qualifies for the calculation of an RRSP deduction limit.

My favorite has got to be that Fitness Amount. Ballet classes, soccer lessons, swimming classes – such great motivators to get those kids active, when it’s a tax credit. We always aim to use up all the fitness amounts for each child.

hrblock-at-home-giveawayNow, what are your plans for tax season?

One option is H&R Block at Home, it can make the transition to electronic filing painless. Built by the tax experts, the software provides step-by-step tips to identify every possible deduction or credit and ensures the maximum refund.

For your 2012 tax return, H&R Block offers downloadable software and online tax filing – both of which provide easy to use guidance that ensures Canadians receive the maximum refund. Switching from another software product is easy since H&R Block At Home automatically imports data from previous years.

H&R Block At Home online costs $15.95 for the first return, $10 for the second and any additional returns are free. Like the downloadable version, the online product is certified for NETFILE by CRA, guarantees accuracy and helps Canadians get their tax refunds in as little as eight days.

For those who would prefer to keep their tax files on their own computer, using a downloadable software package is suggested. Available at hrblock.ca for $29.99, this option allows users to prepare up to 16 personal tax returns of any type, including capital gains and losses, rental-property income, child-care expenses and multiple small business returns.

H&R Block At Home Tax downloadable software also offers the confidence and convenience of knowing that H&R Block is behind you the whole way with the added features of:

  • Free Audit Assistance – Should you receive a review request from the CRA, H&R Block is behind you, as tax professionals can take care of the request and help with any further CRA correspondence.
  • Free “Canadian Tax Tips for Dummies”: Download helpful pointers on how to reduce the tax you pay so you keep more of your money and find answers to the most common Canadian tax questions; and
  • Free SOS online backup: Back up all your photos, documents and important computer files important files free for a year with the industry’s top rated backup solution, ensuring you are safe from hard drive failure, computer theft, and fire.

Regardless of how Canadians plan to file their taxes, Hamel notes that no one wants to pay more tax than they have to. “No matter how you prepare your return, you need to understand the tax changes that affect your situation and how to save the most in taxes. Do not wait until April 30 to begin.”

It’s true – start thinking about this now and take the steps needed to get this done ahead of time. Waiting until the last minute is unnecessary stress, so prepare early!

WIN IT:  Six {6} Canadian readers are going to get a H&R Block at Home code, allowing them to file taxes online from the H&R Block website for free.

TO ENTER: Fill in the form below with your qualifying entries. Good Luck!!

ENDED

 

Disclosure: I received product to facilitate this review, all opinions are my own.

 

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Filed Under: Reviews & Giveaways Tagged With: Financial

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Comments

  1. lynn says

    02/21/2013 at 9:40 am

    I do my fsmily’s taxes at home, HR bloc would make this so much easier!

    Reply
  2. Miranda Russell says

    02/21/2013 at 10:50 am

    I want to try doing my taxes at home for the first time this year

    Reply
  3. Rebecca says

    02/21/2013 at 12:47 pm

    I do my taxes myself, but I have an education in bookkeeping and have taken a tax course, so I should know what I’m doing 🙂 THANKS for the chance to win!

    Reply
  4. Erika says

    02/21/2013 at 12:50 pm

    I haven’t done them before but think I’d like to try if I had a trusted program (like this one) and if it was free! Thanks!

    Reply
  5. Rebecca Chestnut says

    02/21/2013 at 12:56 pm

    I have done my own taxes by paper, then electronically with a tax programs and the last two years I went to H&R Block, this year back to electronically.

    Reply
  6. Lee b says

    02/21/2013 at 2:29 pm

    I have been doing my own taxes for yrs , would love to win this . Don’t forget to claim DISABILITY TAX CREDIT if needed , approximately 7,200. In credit

    Reply
  7. Dayna Wilson says

    02/21/2013 at 4:43 pm

    I do my own taxes… and that is exactly why I’d like to win. I’ve always just done my taxes with paper, a pen, and a calculator. I’d love to make it easier on myself this year!

    Reply
  8. Kelly Gordon says

    02/21/2013 at 5:06 pm

    I do my own taxes every year on line 🙂 for that reason this would be an awesome win for me 🙂

    Reply
  9. angie says

    02/21/2013 at 9:29 pm

    I do my own taxes. I would like to win this because I do a lot of returns for the family and would put it to good use!

    Reply
  10. Dianne says

    02/21/2013 at 10:37 pm

    I do our taxes but would like to do them online this year so that is why I hope to win.

    Reply
  11. Leanne M says

    02/21/2013 at 10:52 pm

    my husband usually does our for us

    Reply
    • Leanne M says

      02/21/2013 at 10:53 pm

      I would love to win because it will make my husbands job easier

      Reply
  12. Chandra Christine O'Connor says

    02/22/2013 at 5:38 am

    we actually go H & R block. winning it and doing it for free would be much better.

    Reply
  13. Darla H says

    02/22/2013 at 7:17 am

    I do my own and send by snail mail… sending E file would save weeks!

    Reply
  14. Fan R says

    02/22/2013 at 9:26 am

    I do my taxes, would love to win to make this easier.

    Reply
  15. Debbie Spence says

    02/22/2013 at 9:51 am

    I usually go to H&R Block

    Reply
  16. Winnie B says

    02/22/2013 at 9:59 am

    we do our own taxes and that’s why we need a tool like this to help us!

    Reply
  17. Janice F says

    02/22/2013 at 10:40 am

    would love to try doing my own taxes!

    Reply
  18. Josie says

    02/22/2013 at 1:44 pm

    I usually just do them myself with a pencil and a calculator

    Reply
  19. Maegan Morin says

    02/22/2013 at 3:50 pm

    I do not do my own taxes but I would really like to give online tax filing a try.

    Reply
  20. Erin M says

    02/22/2013 at 5:09 pm

    Yes I usually do my own taxes but now I have my daughter to claim and would be great to do it online for free!

    Reply
  21. Jennifer L. says

    02/22/2013 at 7:15 pm

    I do my own taxes and this would help me do them.

    Reply
  22. Olivia L says

    02/22/2013 at 8:22 pm

    Yes, I do my own and my husband’s taxes too, which is why I would love to win!

    Reply
  23. Sandra S says

    02/22/2013 at 10:22 pm

    Yes, I do. And now it is easy to do it online

    Reply
  24. Tara Gauthier says

    02/22/2013 at 10:38 pm

    I do ours electronically each year and would love to win the program this year instead of buying it!

    Reply
  25. Samorjj says

    02/22/2013 at 11:25 pm

    I do the taxes and have used software for years. I would live to save money on figuring out if i owe money.

    Reply
  26. Sherry F says

    02/23/2013 at 12:17 am

    Yes I do my taxes and am helping my youngest son this year too. Would like to win this!

    Reply
  27. Teresa M. says

    02/23/2013 at 1:07 am

    I usually do my own taxes and my daughter’s taxes. I would like to win this because it would be less of a headache to complete them.

    Reply
  28. SueSueper says

    02/23/2013 at 6:41 pm

    I do my own taxes and want to win because software always makes it easier and more accurate.

    Reply
  29. Marlene Unruh says

    02/23/2013 at 9:31 pm

    we do our own taxes and no more telefile:(

    Reply
  30. Sarah Stickney says

    02/24/2013 at 9:47 am

    h&r block usually does my taxes but i would like to try myself

    Reply
  31. Cheryl Almas says

    02/24/2013 at 10:47 am

    No H & Block does them. It would be nice not to pay the fee.

    Reply
  32. Karry Knisley says

    02/24/2013 at 11:48 am

    I do my own taxes

    Reply
  33. Kam says

    02/24/2013 at 11:57 am

    I’ve done my own taxes for the past few years using the H and R software…It’s pretty straightforward with the software…don’t like to have to pay for it every year though!

    Reply
  34. Kristi Renout says

    02/24/2013 at 6:34 pm

    My husband does our taxes, this would make it easier for him!

    Reply
  35. Brenda Penton says

    02/25/2013 at 5:32 am

    We do our own taxes at home. I’d like to win so I don’t have to pay to return this year 🙂

    Reply
  36. Melinda L. says

    02/25/2013 at 2:55 pm

    I do my own through H&R Block

    Reply
  37. Laura says

    02/26/2013 at 8:52 am

    Yes, I have been doing my own taxes for a long time.

    Reply
  38. Carmen says

    02/26/2013 at 2:23 pm

    I do my own taxes, doing it online would be so much quicker

    Reply
  39. Lauren says

    02/27/2013 at 1:11 pm

    I do my own taxes, especially now that we wouldn’t get an instant refund by going to H&R block. I did like using their software last year, though, and would like to use it again.

    Reply
  40. Jennifer Rayment says

    02/27/2013 at 3:08 pm

    Yup I do my families every year and would love to actually save a little money by winning the code. Hey every little bit counts when you are a stay at home mom

    Reply
  41. Lori Bazan says

    02/28/2013 at 4:07 pm

    I do my family’s taxes and a few friends…and I do it for free!

    Reply
  42. Jenine says

    03/02/2013 at 9:13 pm

    I do my own taxes and would love to try a new program! Last year we used one our in laws bought!

    Reply
  43. Tazim says

    03/02/2013 at 11:21 pm

    I do my own taxes, but it is getting more complicated with RRSPs and having been a student – so something like this program would be so helpful!

    Reply
  44. Nancy says

    03/03/2013 at 12:12 pm

    Yes, I do my own taxes. Winning this would probably mean I’d do my taxes earlier.

    Reply
  45. Leandra says

    03/04/2013 at 9:14 pm

    that would be great

    Reply
  46. stacey dempsey says

    03/05/2013 at 12:04 am

    I do my own but I am always worried I have missed some refund so I would like to be sure

    Reply
  47. Emma says

    03/06/2013 at 1:30 pm

    Learning to do it from last year. Did daughter’s online. I guess the do it yourself part is about saving money & make sure everything counts.

    Reply
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