the_tones_guy

Hiya - I have a question, I have tried and failed a number of times to get this answer, on the Revenue Canada web site, so.....

I'm pretty sure that there are many things you can claim/get a tax break on, things like buying perscription drugs and activities for your kids etc... but is there a list of allowences so I can perhaps budget what my refund might be??

I know this might be a difficult question, and I was looking for (and failed) for something like this:

Kids activities: $2,487
Drugs: $1,826

etc...

Hope you can help and hope it's not a stupid question?

JonboyE

Medical tax credit. This is a non-refundable tax credit = to 15% of the extent that medical expenses exceed $2,011 or 3% of the taxpayer's net income. You can claim the medical expenses of yourself, spouse and dependents so it is usually better for the spouse with the lower income to claim - as long as they have some taxable income.

For NL the credit is at 7.7% on medical expenses above $1,706 or 3% of net income.

There is a child fitness tax credit. This is 15% of up to $500 per child for qualifying courses or activities. I don't think there is a provincial equivalent in Nl so the maximum credit is .15 X 500 = $75.00.

If the activity qualifies as child care (looking after the kids while both parents work) the you can deduct the cost, up to $7,000 per child, from the income of the lowest earning parent.

the_tones_guy

Ah, thanks for that, much appreciated.

nldfc

We were able to get something back for the kids activities last year but it wasnt very much - I dont think it even covered her Paradise soccer , which is the cheapest of her activities

the_tones_guy

I think most of my refund will be based on the things I buy, which I can claim against work and what I do, I guess anything is better than nothing and it makes me smaile that these things are even offered. In the UK, in my whole life, I only ever got 1 tax refund, was for about £200.

nldfc

Checklist for Childrens fitness for the maximum $500



http://www.cra-arc.gc.ca/whtsnw/chcklst-eng.html

nldfc

Generally between us we get an average of about 5k back - A good lump of that is due to the hefty daycare expenses we have , we are a couple of K over the maximum claimable for 2 kids