March break is here and a lot of parents will be filing their taxes for the year 2015. The living costs for families are increasing across Canada and it is becoming increasingly difficult to save and invest for the future of children.
The 2015 taxes provide unique opportunities for parents where they can claim tax credits for a lot of money spent on children and save big on taxes. These savings can translate into a better future for your children.
The following expenses must be claimed by each parent while filing their taxes:
Child care Costs: Day care costs can be big for working parents but you can claim up to $8,000 for children under 6 years of age and $5,000 for children between 6 and 16 years of age. In case of a disabled child, the day care costs can be claimed up to $11,000. You can not only claim the money you spent at a day care but also the money you spent for summer camps for your children.
Fitness Expenses– An active child is a blessing and he can also save you a lot on your taxes. You can claim up to $1000 per child on money spent for fitness activities like soccer, swimming and dance classes
Arts Activity Costs– Save big on taxes if you have an artist in the house. Parents can claim up to $500 for each child for money spent of arts’ activities like music and piano lessons.
Tuition Designations– It is a common myth that once your child is in college and 18 years of age, there is no benefit a parent can claim. If your child is paying the tuition fee for a university or a college, he/she can designate their tuition amount of up to $5000 to their parents which can translate into more than $1000 in tax savings.
Medical Expenses- Did you get those expensive braces for your child this year? No problem. Parents can claim a tax credit for the medical expenses they pay for their children and get huge returns when filing taxes.
All you need to do is visit a tax expert like professionals at Softron Tax who can really guide you and ensure that you save every penny you deserve on taxes. A saving in taxes today will help you immensely in building the future of your children.
Let’s save on taxes by doing it right !