When the Tax Man Cometh

Some Tax and Other Benefits You May Not Have Known About

Being a caregiver or having a disability can be expensive so getting a break on your taxes can be a real boon. Since tax time is almost upon us I figured I'd look into what tax and other benefits my husband and I might be eligible for. Here's a list of some tax and other benefits that you may not have known about and click on the links for more information. Now, I'm not a financial or tax professional so be sure to speak to your advisor to see what else you or your loved one may be eligible for.

Employment Insurance Compassionate Care Benefits. This is for people who have to take time off from work to provide care or support to a family member who is gravely ill with a significant risk of death. You may also be eligible if you are self-employed. You can find more information at 
http://www.servicecanada.gc.ca/eng/sc/ei/benefits/compassionate.shtml.

Caregivers and Tax  This site summarizes four key tax credits that you may be eligible for such as  the Amount for an eligible dependant, Amount for infirm dependants age 18 or older,  Caregiver amount and  Family Caregiver Amount.

Healthy Homes Renovation Tax Credit  This is a permanent, refundable personal income tax credit for seniors and family members who live with them to help with the costs of improving safety and accessibility in the home. You basically get 15 % back on claims up to $10,000 worth of eligible renovations on your taxes.

Ontario Senior Homeowners Property Tax Grant Gives you up to $500 to help with your property taxes.

Here in Ontario there is the Trillium Drug Program which helps with high prescription drug costs  relative to household income.

Disability Tax Credit. People with one of nine long-term disabilities can collect as much as $1,100.00 a year - more if they seek retroactive credits. Anyone who has problems with seeing; speaking, hearing, walking, bowel or bladder functions, feeding, dressing or performing mental functions necessary for everyday life may be eligible for the credit. Search for form T2201.

Children's Activity Tax Credit If you are paying fees for classes or activities for your children you can claim up to $526 in eligible expenses and get up to $52.60 back for each child under 16 for 2012. You can receive up to $105.20 back for a child with a disability who is under 18.

If you are temporarily looking after a child who is in financial need and you are not the legal guardian you may be able get money to care for them though the Temporary Care Assistance Program.

This list is by no means comprehensive so check out your Provincial Government and the Federal Government's web sites for more benefits and tax credits that you may be eligible for and talk to your tax or financial advisor.