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When preparing your 2024 tax return in Ontario, Canada, there are several tax benefits and credits you may be eligible to claim. Here are some common tax benefits to consider taking advantage of:
The Ontario Trillium Benefit combines the Ontario Sales Tax Credit, Ontario Energy and Property Tax Credit, and Northern Ontario Energy Credit. Ensure you claim this benefit if you are eligible to receive assistance with sales tax, energy costs, and property taxes.
This credit assists with energy costs and property taxes for eligible individuals and families in Ontario. Make sure to claim this credit if you qualify.
Eligible senior homeowners in Ontario may qualify for this grant to help offset property taxes. Claim this benefit if you meet the requirements.
If you paid for child care expenses to enable you or your spouse to work, go to school, or conduct research, you may be able to claim a deduction on your tax return.
The Healthy Homes Renovations Tax Credit provides a refundable tax credit for home renovations that improve accessibility for seniors or individuals with disabilities. Keep receipts and claim this credit if you made eligible expenses.
If your child participated in eligible sports and fitness activities, you may be able to claim the Children’s Activity Tax Credit. Save receipts and claim this credit if applicable.
The Senior Home Safety Tax Credit offers a refundable credit for eligible expenses to improve safety and accessibility in the homes of seniors in Ontario. Keep records of expenses and claim this credit if you qualify.
These are some tax benefits and credits you can consider taking for your 2024 tax return in Ontario. Review the eligibility criteria for each benefit and keep supporting documentation for your claims. Consult with a tax professional or utilize tax software to maximize your tax savings and ensure accurate filing.
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