Personal Tax

Personal Tax (March 2013)

We have prepared the following checklist to help you assemble the information required for your 2012 personal income tax return.

https://www.gtimmons.com/resources/individuals/checklist.html

Special Items to Consider

HEALTHY HOMES RENOVATION TAX CREDIT
A new tax credit has been introduced for seniors for permanent home renovations that improve accessibility or help a senior be more functional or mobile at home. Up to $10,000 of eligible renovation expenses per year can be claimed. For 2012, the period is from October 1, 2011 to December 31, 2012.

Examples include ramps, stair lifts, walk-in bathtubs, and hand rails in corridors, widening passage doors, lowering existing counters/cupboards or installing adjustable counters/cupboards, light switches and electrical outlets placed in accessible locations, door locks that are easy to operate, lever handles on doors and taps instead of knobs, hand-free taps, motion-activated lighting, non-slip bathroom flooring, pull-out shelves under counter to enable work from a seated position, relocation of tap to front or side of the sink for easier access, etc. – renovations that improve accessibility or help a senior move more easily around their home.

FITNESS & ART CREDITS
These credits are for children under 17 (if disabled, under 19 and limits doubled). There is a $500 maximum for each. Programs must be for a minimum of eight weeks or five consecutive days. Programs eligible for the fitness credit must include a significant amount of physical activity (eg. sports).
Programs eligible for the art credit include artistic, cultural, recreational or developmental (including tutoring) activities.

PUBLIC TRANSIT PASSES are deductible (monthly passes only).

MEDICAL expenses includes drugs, dental, glasses, and private health plan premiums.

Resources:
Personal Tax Rates
Filing, Payment, and Instalments
CRA