New Tax Credits to be Claimed
This tax season introduces the digital news subscription tax credit. The non- refundable tax credit, intended to support Canadian media, will extend to 2025. Up to $500 can be claimed in return for subscribing to certain kinds of news-focused media.
It’s not new this year, but the Canada Training Benefit is worthy of your notice. It was introduced in 2019 as a refundable tax credit. Up to $250 is available annually for Canadians between the age of 26 and 65. You might have spotted this on your Notice of Assessment from last year.
Also, consider the surprising variety of medical expenses that can be used as tax credits for yourself, your spouse, or a dependent child under age 18. Your FORTAX Financial Advisor can help you plan the best way to leverage these between spouses, to reduce taxes. They must have been paid within any 12-month period ending in 2020, and not previously claimed.