Only nine days before the 2012 personal tax deadline. If you are a procrastinator and still need to file your return, here are nine ways your kids can help you at tax time:
- Childcare expenses are a deduction that can add up, but you need receipts.
- Qualifying registration fees can be claimed for the Children’s Fitness Tax Credit.
- The Children’s Arts Tax Credit means you can claim Scouts or Guiding activities, tutoring and other art programs.
- If your child was born in 1995 or later, you can claim the $2,191 child amount in 2012.
- Unused tuition and education credits can be transferred to a parent if the student signs the back of the T2202A Form.
- Pooling medical expenses can help increase tax savings.
- Transit Passes can be claimed for dependants.
- Single parents with primary custody can claim the eligible dependant amount for one child.
- If they open an RESP, low-income families automatically qualify for a $500 Canada Learning Bond to help them save for their child’s post-secondary education.
Make sure you have all your receipts and slips when you make a claim, even if you file electronically. If the Canada Revenue Agency asks you for proof and you can’t provide it, the claim will not be allowed. And that would be bad, as people with kids need to make every claim they can.