Here are some commonly asked questions regarding personal income tax.
Q : Can I claim childcare expenses on my tax return?
A : You may be able to claim some money on taxes if you require childcare to work or to attend school. Have you or your spouse or common-law partner paid someone to care for your child so you could earn income or attend school or conduct research? If the child was under 16 or had a mental or physical impairment you can claim the expense. Fees paid for baby-sitting, nursery school or day-care centers are some of the childcare expenses that may be claimed. Expenses for day camps or day sports schools as well as boarding schools and overnight sports schools and camps may possibly also be claimed.
All receipts will be needed to support the claim.
Q . Is there a tax credit for a first-time homebuyer?
Answer……….A personal amount of $5000 may be claimed by first-time homebuyers in regards to the purchase of a qualifying home. The non-refundable tax credit will be calculated into a $750 tax savings.
Q . Can I claim medical expenses on my income-tax return? What kind of expenses?
A . Yes medical expenses can be claimed on your income-tax return as long as the total costs exceeds three per cent of your net income and only the portion that exceeds your net income is claimed. Example: if your net income is $50,000, your medical expenses have to exceed $1,500 ($50,000x3%) and you can only claim the expenses over $1,500. Receipts to be kept may include but not be limited to:
• Medical travel insurance
• Massage therapy
• Chiropractic costs
• Dental work
• Eye exams, glasses and/or contact lenses
• Travel expenses for out of town appointments
Be sure to keep all the receipts and bring them into our office to look over.