Tax-filing season is never fun, especially when you have a family to worry about. But it doesn't have to be the monster hiding under your bed. They say that facing your fears is rewarding, and this is especially true when you think of the tax savings your family might be eligible for. Filing your return means that you could get a significant refund and ensures there are no disruptions to your Canada child and family benefit and credit payments.
Regardless of income, all families are eligible to receive $100 each month per child under the age of six as part of the universal child care benefit. You may also be eligible to receive the Canada child tax benefit, depending on your family's total income, province of residence, and number of children. Also depending on your particular situation, many more tax savings might apply.
For example, if your child is involved in certain recreational activities, you can claim the children's arts or fitness tax credits to help cover the costs. You can claim the fees you've paid for eligible activities, up to $500 for each child per credit. This gives you a non-refundable credit of up to $75 per tax credit per child. We all want to support our children's growth as individuals, but the expenses throughout the year can really add up. Making use of the tax savings available to you can help reduce those expenses in the end.
A final word of wisdom: make sure you file your tax return on time. If you don't file on time, your benefit payments may be interrupted. Putting off filing won't make the experience any better, but claiming tax credits and benefits will. So, as it turns out, this monster can be friendly and may have savings to offer you and your family.
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