Some people are unaware that there’s some flexibility on when you can claim certain tax credits, experts say
Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our newsletter sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.In fact, a recent survey by IG Wealth Management showed only 10 per cent of Canadians feel very confident they have claimed all the applicable tax credits.
“I want to make sure that everybody who can qualify for a disability tax credit has one because it unlocks huge benefits in the scope of tax benefits,” he says. Mr. Burkett says many clients often overlook medical expenses because “they must exceed $2,479 or 3 per cent of their 2022 net income, whichever is lower, to generate a tax credit.”
“The criteria of those renovations are larger than people expect,” he notes, citing specific examples such as an elevator installation, stair assists, adding a main floor bedroom or bars in the bathroom to avoid falling. 5. Charitable donations and gifts It’s well known that donations to registered charities can mean a substantial credit for clients. The first $200 donated will provide a 15 per cent federal tax credit with amounts beyond that increasing to a 33 per cent credit, depending on income, says Wilmot George, vice-president, tax, retirement and estate planning, at CI Global Asset Management in Toronto. Provincial credits also apply.Mr.
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