Every year in Canada, millions of dollars in tax credits (and deductions) go unclaimed. However, with the right preparation and knowledge, you can avoid leaving your dollars on the table. In this episode, I will be helping you understand the different tax credits you may be able to apply to your situation so that you can minimize your tax bill and maximize your refund.
Listen in as I discuss how you can take advantage of both the Home Accessibility tax credit, as well as the Pension Income tax credit as you enter retirement. You will learn what tax credits you should apply for if you have disabilities and/or if you plan on making upgrades to your home throughout retirement to ensure it is easily accessible for you.
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
- Matthews + Associates
- Personal Income Tax: All deductions, credits and expenses
If you like Your Retirement Planning Simplified…
Whenever you’re ready… here are 2 ways I can help you with your Retirement Planning:
- Are you ready to retire? Use my FREE Retirement Readiness Calculator to run your numbers to see if you’re truly ready to retire.
- Book your Intro Call with me to see if my expertise matches your situation. If I’m not the right fit for you, I will happily point you in the right direction to get the advice you need.