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Checklist – Tax minimization for clients with families

Check List Check List

Here’s a list of tax credits and deductions for families with children. Go over it with your clients to see if it can help garner any savings.

Checklist - Tax minimization for clients with families

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Checklist – Tax minimization for clients with families

Children’s fitness tax credit – If your children played hockey, soccer, or some other organized sports activity in 2015, you may be able to claim up to $1,000 of the program costs, per child. You can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid at least $100 in registration or membership fees for an eligible program.
Children’s arts tax credit – Did your kids participate in an arts, cultural, recreational, or developmental activity such as tutoring in 2015? You may be able to claim up to $500 of the fees paid, per child, on these programs. You can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid at least $100 in registration or membership fees for an eligible program.
Child care expenses – Did your children attend daycare or a child care program such as a summer day camp in 2014? You may be able to claim what you spent on eligible child care in 2014.
Family caregiver amount – If you have a dependant who’s physically or mentally disabled, you may be able to claim up to $2,058 (2014) in calculating certain non-refundable tax credits.
Public transit amount – Do you or an eligible dependant use public transit? You may be able to claim the cost of public transit passes or electronic payment cards for this non-refundable tax credit.
Home buyers’ amount – Did you buy a home last year? You may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.

Courtesy of Advisor.ca © 2018 Transcontinental Media G.P. These materials are for reference and guidelines only. You are responsible for the advice you give your clients.