Birds and the Bees

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Ok, so this time I think spring is on the way for real.  The sun over the last couple of days has been nice and getting everyone giddy after a long, long, long Calgary winter.  Here at Henderson Campeau we are putting in the time to ensure you are getting your tax refunds back in your pocket and ensuring you are not overpaying for fun things like elections.

We are still managing to enjoy life amongst all the busy office hours. Paul got out with his brother's family to do some cross country skiing at the Canmore Nordic Centre.  I have much more respect for those cross country skiing athletes.

Will has been enjoying the spring thaw right here in Calgary and Kensington getting out and enjoying the city.



Seeing it's spring it's a good time to talk about children and dependents.

The CRA has several tax credits in place for children and dependents. Here is a brief description of them:

Eligible dependent amount:  If at any time in the year you were single and cared for a dependent in your home you would be eligible for this tax credit.  This credit can be up to $10,382 federally.

Child amount tax credit : For each child under the age of 18, one person can claim a child amount for $2,101.

Caregiver and amount for infirm dependents : If you maintain a dwelling for a infirm dependent or a parent over the age of 65, you may qualify for the caregiver tax credit.  If you care for a dependent over the age of 18 and is infirm there is also an amount for infirm dependents.

Disability amounts and medical expenses : If you care for a dependent and they qualify for the disability tax credit you can transfer that amount to you. Also if you incur certain medical expenses to care for a dependent some of those medical expenses may be deductible on your return.

Childcare Expenses and fitness amount: I discussed these in a previous posting, check out the archives for more specifics. If at any time you paid for child care or fitness for your children these expenses may be deductible on your return.

Universal Child Care Benefit and Canadian Child Tax Benefit :  Once you have your child please fill out the Child Benefits Application to ensure you are not missing out on any child benefit payments. The UCCB is for any child under 6 years of age and the CCTB is a benefit for lower income families.  Here is a link to the application to ensure you are not missing out: Child Tax Benefits.

Having an accountant to advise and ensure you are taking advantage of all your available tax credits in regards to children or dependents can save you a lot of hard earned money.

Enjoy the start to April.