How to Save Money this Tax Season – Part 2

 Credit

Benefit

Eligibility

Low-Income Workers Tax Credit

·       Up to $850 each year

To qualify:

• you must have employment income and owe personal income tax
• your individual adjusted net income for the year must be below $38,500
• your adjusted family net income for the year must be below $68,500
• you must not have spent more than six months in prison during the year

Ontario Jobs Training Tax Credit

·       Up to $2,000 in relief for 50% of the cost for upgrading skills and career shifts

To claim the credit for 2021 or 2022, you must:

• have a positive Canada Training Credit limit for that year
• be an Ontario resident on December 31 of that year
• be aged 26 to 65 years old at the end of that year, and
• meet the other requirements set out in the federal Income Tax Act for at least one of 2019, 2020 or 2021.

Ontario Childcare Access and Relief from Expenses

·       Up to 75% of their eligible child care expenses

·       For the 2021 tax year there is an automatic top-up of 20%, increasing support from $1.250 to $1,500 on average

To claim the Ontario Child Care Tax Credit, you must:

• be eligible to claim the Child Care Expense Deduction
• have a family income less than or equal to $150,000
• be an Ontario resident at the end of the tax year

Seniors’ Home Safety Tax Credit

·       5 per cent of up to $10,000 in eligible expenses to a maximum credit of $2,500

You are eligible to claim the credit if you:

• are 65 or older by the end of the year, or
• live with a senior relative, or
• will live with a senior relative within 24 months after the end of the year.

Ontario Seniors’ Public Transit Tax Credit

·       Ontario residents 65 and older can  claim up to $3,000 in eligible public transit expenses and receive up to $450 each year

To qualify for the credit, you must:

• be 65 years old or older on the last day of the previous tax year that you’re claiming the credit
• live in Ontario by the end of that year