Posts

Increases to Climate Action Tax Credits

Gradual increases are planned for the provincial Climate Action Tax Credit for eligible taxpayers.

In July of this year, the maximum amount of the annual credit was increased to $155 per adult from $135. This will increase to $174 per adult in July 2020, and $194 per adult in July 2021.

The annual credit per child increased to $46 from $40 on July 1, and will increase to $51 per child in July 2020, and $57 per child in July 2021.

These credits are primarily targeted at helping low income families. Most of these families will receive dill credit if their qualifying income is less that $40,689.

Students Must File Taxes

3Once your graduation celebrations are over and you have settled into your first year of university or college, there are some important tax steps for you, the student, to take.

Even though many young adults do not file their personal tax returns every year, it is vital for you to do so.

Filing ensures you qualify for all of the refundable tax credits which are available to you. For example, you are limited to transferring $5,000 of your tuition and education credits to another individual (such as a parent or a grandparent). Combined, your annual tuition and education credits will often be greater than $5,000. The individual receiving your transferred credits cannot carry forward any excess amounts. You, the student, must file the form itself in order to carry forward the credit to your tax returns in future years.

Not filing these tax returns can result in thousands of dollars of lost credits you could claim against your future earnings.