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Over-looked tax credits

1. Children’s Arts Tax Credit

This is new for the 2011 tax return. It’s based on eligible expenses paid for the cost of registration or membership of your or your spouse's or common-law partner's child in a prescribed program of artistic, cultural, recreational or developmental activity (eligible program). You can claim eligible expenses of up to $500 per year for each of your children who are under 16 years of age at the beginning of the year in which the expenses are paid. Or, if your child was 18 years of age and is eligible for the disability tax credit.

2. Children’s Fitness Tax Credit

This works the same way as the Arts Tax Credit, but applies to physical activity. If your child is enrolled in a program that involves both physical and artistic activities, you can only claim it under either the Arts Tax Credit or the Fitness Tax Credit.

3. Education

You can claim your tuition, but don’t forget the text book credit to boost your return.

4. Medical

Any medical expenses not covered by your company benefits can be claimed on your tax return.

5. Charity

Every little bit counts. Consider combining charitable donations with your spouse to get the most out of your donations.
If you expect your tax deductions to be the same next year (ie you expect to be in the same tax bracket, your RRSP contributions will remain the same) consider having your income tax deductions reduced from your pay cheque over the next year. You’ll get more money in your pocket throughout the year, as opposed to getting one lump sum once a year.
And of course if you do get a return, put that money towards your RRSP to boost your return for next year!

Download Request to Reduce Tax Deductions