TAX TIPS CONT.
While anyone can download a tax program and attempt to enter numbers themselves, it’s easier to maximize your claims and minimize your taxes if you work with a tax professional who knows what they’re doing.
“If you donate more than $200, you get more of a credit,” Berard says. Donating less than $200 still makes an impact and allows for tax credits, though the amount is slightly less. There are other credits too, that can be beneficial depending on the stage of life you’re in. If you’re a first-time homebuyer, you may want to look into a First Home Savings Account, or FHSA, which will not only help you save for your first home but will also give you a credit at tax time. If you're a parent with kids in sports or even a young adult between the ages of 16 and 24, you can apply for a credit to offset the amount you pay to play. Further, for young adults or those relying on Employment Insurance to pay their tuition, there's a credit available for tuition fees. Then, there are credits for those who are disabled or their caretakers. If you need to install a ramp or a walk-in tub or renovate your home to include a suite for an elderly family member, tax credits can balance the cost. In the end, taxes should not only be a "must do" but a way for you to maximize the hard work and contributions you make throughout the year. Reach out to your tax professional to ensure you're taking advantage of the credits available to you, so you're building a stronger financial future with your return.
Leave a Legacy
Your bequest will make a lasting impact on the lives of students at the University of Winnipeg and the University of Winnipeg Collegiate. For more information about Planned Giving please contact: Javier Schwersensky, President and CEO P (204) 786-9995 TF 1 (866) 394-6050 ceo.uwf@uwinnipeg.ca
uwinnipeg.ca/planned-giving
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Manitoba
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