Save on gas, get your transit pass!
Individuals can claim a non-refundable tax credit for public transit
passes. You will be able to claim the cost of buying a monthly (or
longer duration) pass for commuting on busses, streetcars, subways,
commuter trains and local ferries for this proposed non-refundable tax
credit. You can claim the full amount paid for a public transit pass,
or for the cost of passes for multiple transit systems, for the amounts
you have paid for travel that occurred after June 30, 2006. You can
include the cost of passes for yourself, your spouse or common-law
partner or your children under age 19. You will need to keep the
expired monthly transit passes for the months after June 2006 to
support your claim. www.transitpass.ca
Claiming medical expenses
You can claim, as non-refundable tax credit, medical expenses for
yourself, your spouse or common-law partner, and your children born in
1989 or later. For 2006, the total expenses have to be more than 3% of
your net income, or $1,884, whichever is less. You may also be able to
claim medical expenses for the following persons if they depend on you
for support:
You or your spouse or common-law partner’s child or grandchild who was
born in 1988 or earlier; and You or your spouse or common-law partner’s
parent or certain close relatives who lived in Canada at any time in
the year.
www.cra.gc.ca/tax/individuals/menu-e.html
and select “M’ from drop-down menu for “medical expenses”.
Cool cash for your tools!
If you are a tradesperson, you may be able to deduct your tool
expenses. The newly proposed tradesperson’s tools deduction provides
employed tradespersons with an annual deduction of up to $500 to help
cover the cost of new tools necessary to their trade. The deduction
applies to the total cost of eligible tools in excess of $1,000
acquired by an employed tradesperson after May 1, 2006. www.cra.gc.ca/whatsnew/tools-e.html
Apprenticeship job creation tax credit
Businesses with an eligible apprentice may be able to claim the
apprenticeship job creation tax credit. This is a non-refundable tax
credit equal to 10% of the eligible salaries and wages payable to
eligible apprentices for employment after May 1, 2006. The maximum
credit is $2,000 per year for each eligible apprentice.
www.cra-arc.gc.ca/whatsnew/apprenticeship-e.html
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