Apr. 25, 2025 "The 10 most commonly missed tax breaks as filing deadline looms": Today I found this article by Dale Jackson on BNN Bloomberg. This is a helpful article like the Medical Expense Tax Credit (METC):
As last-minute tax filers hunker down this weekend to complete their 2024 returns, an H&R Block survey finds half of us are forgetting to include some
benefits,
deductions
and credits.
|
According to the tax preparation service,
nearly $3,000 on average in potential tax savings is going untapped.
The survey also finds 65 per cent of us are not aware we can amend tax returns to include them as far back as ten years.
Of the more than 400 tax credits and deductions available, H&R Block has listed the ten most commonly missed tax breaks.
1. Child Care Expense Deduction
The Canada Revenue Agency (CRA) allows childcare expense deductions up to
$8,000 for each child under seven years,
$5,000 per child between seven and 16 years old,
and $11,000 for a disabled child.
2. Canada Caregiver Credit (CCC)
Canadians supporting a spouse, partner, child, or dependent with a disability or medical condition can claim a non-refundable tax credit of up to $8,375.
Refundable tax credits are amounts that you receive regardless of how much income tax you pay.
3. Medical Expense Tax Credit (METC)
Tax credits are permitted for expenses including
prescription glasses and sunglasses,
dental work (such as crowns, braces and dental implants),
therapy and mental health services,
and gluten-free food for celiac disease.
Credits are also allowed for travel for medical treatment over 40 kilometers. In addition to keeping receipts, it’s important to log the distances from your vehicle’s odometer.
4. Canada Workers Benefit (CWB)
If your income in 2024 was below a certain threshold, a refundable tax credit is available with a maximum of
$1,590 for individuals
and $2,739 for families.
5. Tuition and Education Tax Credits
Students can transfer up to $5,000 of unused tuition credits to a parent, spouse, or grandparent.
Student who forgot to claim past tuition fees can carry unused credits forward for an unlimited period of time.
6. Interest on Student Loans
You can claim interest paid on federal and provincial student loans in 2024 on your 2024 return, or in any of the past five years.
7. Home Accessibility Tax Credit (HATC)
Credits are available for seniors over 65 years or disabled individuals on home renovations that improve accessibility.
The credit amount is 12.5 per cent up to $2,500 in Quebec
and 15 per cent up to $3,000 in the rest of Canada on expenses up to $20,000 (including GST/HST).
8. Moving Expense Deduction
If you move at least 40 kilometers closer to work or school,
you might be eligible to deduct moving costs like transportation and travel, temporary living expenses and real estate fees.
9. Disability Tax Credit (DTC)
Individuals with prolonged physical or mental impairments, including ADHD and diabetes, can claim up to $9,872 in nonrefundable tax credits.
10. First-Time Home Buyers’ Tax Credit
A $10,000 credit for qualified first-time home buyers can save $1,200 in taxes for Quebec residents and $1,500 in the rest of Canada.
Feb. 23, 2026 "What to know about tax-filing season": Today I found this article by Ritika Dubey on BNN Bloomberg:
Gather your tax slips and receipts because it’s that time of the year.
The 2025 tax-filing season officially kicks off on Monday. It will last a little over nine weeks, ending with the April 30 deadline for most taxpayers.
Most employers send T4 slips by the end of February via mail, email or employee portals.
Financial institutions will also send investment slips,
while more sophisticated investment firms send their clients an annual summary of all investments and gains around the same time,
said Ryan Minor, director of tax at CPA Canada.
If you’re anticipating owing money to the government, Minor said you may want to do some scenario planning.
Additional contributions to your registered retirement savings plan could help lower that amount,
as long as you have contribution room remaining.
Taxpayers have until March 2 to contribute to their RRSP for the 2025 tax year.
H&R Block tax specialist Yannick Lemay said it’s important to familiarize yourself with credits and deductions that are available.
There are more than 400 credits and deductions that Canadians may be eligible for at tax time, Lemay said.
“You want to make sure that you have those documents
— and for most of those credits and benefits,
you do need supporting documents,”
he added.
Minor said there are some commonly missed tax credits, such as the disability tax credit.
“I’ve seen quite a few cases where that was filed
and they got reassessments going back several years,
and refunds,”
he said.
He said it’s important to look at your own situation and check if there may be a credit you could claim,
such as for first-time homebuyers
or home accessibility,
among others.
Minor said it’s important to set up and check your Canada Revenue Agency account and make sure you haven’t missed any slips or documents.
“If CRA has (a record of) something that you don’t have,
then you should probably go and track down that slip,”
he said.
The CRA My Account will also show your status for refunds, credits and appeals.
Taxpayers can also find other information,
such as when they’d get their direct deposit for a tax refund.
Even if you won’t file your taxes for a few more weeks, it’s worth checking that your address and other information are correct in the system while there’s time to get it fixed.
The CRA is introducing several changes this tax season.
One such change is that taxpayers won’t have to wait for days to be mailed a code when opening their CRA account,
and can choose to verify their identity using online tools.
Agency spokesperson Charles Drouin said people can use a
valid photo government-issued ID, such as a driver’s licence,
as well as their last tax return, provided they filed taxes in the past two years.
The agency is also encouraging taxpayers to use its new AI-powered chatbot for questions.
For self-employed taxpayers,
Minor said they need to figure out before April 30 if they owe money,
even though the deadline for self-employed taxpayers to file their return is June 15.
Despite the extra time to file their taxes,
money owing must still be paid before the end of April to avoid accruing interest.
“You’ve got to make sure you do an estimate
and pay your taxes even though you get extra time to file,”
Minor said.
Experts say even as the tax portal opens, you don’t need to rush to file.
Minor said sometimes people don’t receive all their tax slips, such as those for trusts, until March.
How early you file depends on your confidence that you have everything you need, he said.
For example, if it’s a simple situation of
just a T4
and you’re expecting a refund,
there’s no harm in filing early.
This report by The Canadian Press was first published Feb. 23, 2026.
Ritika Dubey, The Canadian Press
https://www.bnnbloomberg.ca/business/2026/02/23/what-to-know-about-tax-filing-season/
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