Ep # 3 - Common Tax Credits You May Not Know About
Every year in Canada, millions of dollars in tax credits and deductions go unclaimed, leaving valuable savings on the table. With the right preparation and knowledge, you can make the most of these opportunities to minimize your tax bill and maximize your refund. In this episode, we’ll walk you through the various tax credits available to Canadian retirees so you can keep more of your hard-earned money.
We break down how to benefit from the Home Accessibility Tax Credit and the Pension Income Tax Credit as you transition into retirement. You’ll also discover which tax credits are available for individuals with disabilities and how to apply for credits if you’re planning to make upgrades to your home to improve accessibility. By understanding and utilizing these tax benefits, you can significantly reduce your tax burden and enhance your financial independence throughout retirement.
This episode is filled with actionable insights to help you optimize your tax strategy and get the most out of your retirement savings!
What You’ll Learn In Today’s Episode:
Common tax credits you may not be aware of.
What a Pension Income tax credit is.
How to take advantage of the Home Accessibility tax credit.
What you should apply for if you have any disabilities impacting your day-to-day life.
How significant the tax credit is for charitable donations.
How to receive a tax credit if you provide care for a loved one.
Ideas Worth Sharing:
“The philosophy we want to take around taxes is ‘pay what you owe, but we also don’t want to leave a tip.'” – Joe Curry
“The Disability Tax Credit is a non-refundable tax credit that helps a person with disabilities or someone supporting them reduce the amount of income tax they have to pay.” – Joe Curry
“The Caregivers Credit is for you if you provide food, shelter, or clothing for a loved one with a disability.” – Joe Curry
Resources In Today’s Episode:
Joseph Curry: LinkedIn
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