Medical expenses and the disability tax credit are among the most underutilized credits, according to an expert From m_zadikian
Tax professionals weigh in on the federal tax credits many Canadians don't take full advantage of.
Other times, tax-filing software can auto-apply tax credits or a user might not be prompted on certain credits because of how they answered questions on the platform, he says. The rules for claiming medical expenses are also very unique, he adds, because it's based on any 12-month period ending within the taxation year, rather than the calendar year itself, and can include amounts paid for dependents.
Other credits that Canadians often forget are available to them are the digital news subscription credit, an adoption tax credit, and for investors, the foreign tax credit, he adds. "They are expanding the criteria. It's not what type of disability, it's more how that disability affects specific aspects of your daily living," he said.While tax credits lower the amount of tax owed, tax deductions reduce the income of an individual who is subject to tax.
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