5 Popular Tax Credits

Here are the five common tax credits in Canada, as listed on the Canada Revenue Agency (CRA) website:

1. Canada Child Benefit: This is a tax-free monthly payment that helps eligible families with the cost of raising children under 18 years of age. You may be eligible if you have a child under 18 and are a Canadian resident.

2. GST/HST credit: This is a tax-free quarterly payment that helps individuals and families with low or modest incomes offset the goods and services tax (GST) or harmonized sales tax (HST) they pay. You may be eligible if you have filed a tax return and have a low or modest income.

3. Canada Workers Benefit: This is a refundable tax credit that helps eligible low-income workers keep more of their income. You may be eligible if you are a Canadian resident, have earned income from employment, and meet certain other requirements.

4. Disability Tax Credit: This is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they may have to pay. You may be eligible if you have a severe and prolonged impairment in physical or mental functions.

5. Medical Expense Tax Credit: This is a non-refundable tax credit that helps individuals with the cost of medical expenses not covered by their provincial or territorial health insurance plan. You may be eligible if you have paid for eligible medical expenses for yourself, your spouse or common-law partner, or your dependent children.

Source: Canada Revenue Agency (CRA). "Popular credits, deductions and expenses for individuals." Canada.ca. Accessed March 8, 2023. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/popular-credits-deductions-expenses-individuals.html.