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Tax Savings 2013


Major savings for tax year 2013 can be found in the following. Download and try out FutureTax to find more.


1. First Time Home Buyers' Tax Credit - a non-refundable tax credit of up to $750

First Time Home Buyers' Tax Credit is claimed at line 369 in Schedule 1.

 

2. Children's Fitness Tax Credit - a non-refundable tax credit of up to $75/child

Children's Fitness Tax Credit is claimed at line 365 in Schedule 1.

 

3. Public Transit Tax Credit - a non-refundable tax credit of 15%

Public Transit Tax is claimed at line 364 in Schedule 1.

 

4. Employed tradespersons (including apprentice mechanics)

You may be able to deduct the cost of eligible tools you bought to earn employment income as a tradesperson and as an eligible apprentice mechanic. This cost includes any GST, and provincial sales tax, or HST you paid. Click here for more details.

 

5. Pension Income Splitting - split up to 50% of your eligible pension income with your spouse or common-law partner

Pension Income Splitting is claimed on Form T1032.

 

6. Children’s arts amount

Families may be able to claim a non-refundable tax credit of up to $75 per child for eligible expenses (maximum $500) of enrolling in a prescribed program of artistic, cultural, recreational, or developmental activity at line 370 in Schedule 1.

 

7. Volunteer firefighter tax credit

If you are a volunteer firefighter, you may be able to claim an amount of $3,000 at line 362 in Schedule 1.