Back to School Tax Savings for Your Family

Here’s tax savings suggestions to help your family when it comes to file your 2010 taxes.

CRA (Canada Revenue Agency) has benefits and credits to help parents pay less in taxes.  If you file in Québec, Revenu Québec sometimes offers similar benefits and credits for your family.  I have indicated the website info.

Parents, did your children go to a summer day camp in 2011?  Participate in a March School Break program?  Read more:

Canada Revenue Agency

Revenu Québec

 

Children’s Fitness Amount

Soccer, swimming and judo lessons are great for children’s physical activity.  You can claim up to $500 spent per child for fitness programs and lessons that you paid in 2010. That works out to a non-refundable tax credit of up to $75 per child.

Canada Revenue Agency

 

Children’s Arts Tax Credit (CATC)  New for 2011. 

At the Federal level, parents can now claim money spent on programs for fine arts, music, performing arts,learning a language, studying a culture, tutoring, and more. It’s like the fitness tax credit above. You can claim up to $500 and save as much as $75 per child at tax time.

 Canada Revenue Agency

 

 Public Transit Passes

If your children use transit passes, you may be able to claim this non-refundable tax credit.  Be sure to keep receipts, like credit card statements or the transit receipts.

 Canada Revenue Agency

 

Looking for personal tax software without having to pay to do your taxes?

I recommend you go to the CRA (Canada Revenue Agency) website 2011 Netfile programs (filing your 2010 tax return) and see what you can get for free.

You’ll find  CRA Certified Income Tax software  you can download and use as computer software or a web application. In some cases, see if you can get and use the free versions. Here’s one example, StudioTax 2010 is completely free.

Because these software programs are CRA certified, they will do your taxes correctly.  However, you still need to know what deductions, credits, etc., available for your particular tax situation.

If you also file a Québec tax return, you should check out Revenu Québec’s authorized tax software .  Note the software marked with an asterisk; it’s free!

 

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