Unlocking Hidden Tax Credits: Are You Missing Out?

Many Canadians overlook valuable tax credits that could significantly reduce their tax bill. Unlocking these hidden credits can lead to substantial savings. Here are some lesser-known tax credits you might be missing out on.

1. First-Time Home Buyers' Credit: If you recently purchased your first home, you may be eligible for a non-refundable tax credit to help offset some of the closing costs.

2. Canada Caregiver Credit: If you support a spouse, common-law partner, or dependent with a physical or mental impairment, you may qualify for this credit.

3. Disability Tax Credit: Individuals with a severe and prolonged physical or mental impairment, or their supporting family members, can claim this credit, which can also be transferred to a caregiver.

4. Home Accessibility Tax Credit: If you incurred expenses to make your home more accessible for a senior or a person with disabilities, you might be eligible for this credit.

5. Adoption Expense Tax Credit: Adoptive parents can claim eligible adoption expenses, including agency fees, travel, and legal costs.

6. Digital News Subscription Tax Credit: If you subscribe to a qualified Canadian digital news service, you may be eligible for this credit.

7. Canada Training Credit: This refundable tax credit is available to help cover tuition and other fees associated with upgrading your skills and training.

8. Teacher and Early Childhood Educator School Supply Tax Credit: Educators who purchase school supplies out of pocket can claim a portion of these expenses.

By understanding and claiming these hidden tax credits, you can maximize your tax savings and potentially receive a larger refund.