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In order to get the most out of your 2015 tax return you will want to take a look at these money saving tax tips for families:
Claim medical expenses
There are various medical expenses that you can claim, many of which are applicable to families. You can find the full list here but here are a few that might apply to you:
- Ambulance Services
- Baby Breathing Monitor (A letter from your Doctor is required)
- Dental Services
- Gluten Free Products (restrictions apply)
- Hospital Services
- In vitro fertility program
- Premium paid to private health services plans
- Pre-natal and post-natal treatments
- Prescription drugs and medications
- Travel Expenses (restrictions apply)
- Vision Devices (Glasses or Contact Lenses)
Claim Federal and Provincial Deductions
Don’t forget to include all of the Federal and Provincial Deductions that apply to your family, you can find the details of each deduction by clicking on the name below:
- Family Tax Cut
- Children’s Fitness Tax Credit (up to $1000 per child)
- Children’s Arts Amount (up to $500 per child)
- Child Care Expenses
- Adoption Expenses
- Public Transit
Apply for Child and Family Benefits
If you have not yet applied for child and family benefits, you should! The benefits are as follows:
- Canada Child Tax Benefits
- Universal Child Care Benefit
- Working Income Tax Benefit
- Provincial and Territorial Programs
- Children’s Special Allowances
Apply for Direct Deposit
Before you submit your tax return you should apply for direct deposit; that way your refund will be deposited directly in to your account and you won’t have to worry about heading to the bank with kids in tow! You can find the direct deposit information here: http://www.cra-arc.gc.ca/directdeposit/.
**These tips apply to tax returns for the year of 2015; please note that some of these deductions/programs may not be applicable to other tax years.**
