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You are here: Home / Articles / Top 5 Tax Benefits for Canadian Families Filing an Income Tax Return from TurboTax

Top 5 Tax Benefits for Canadian Families Filing an Income Tax Return from TurboTax

January 26, 2015 by Kathryn 61 Comments

Filing taxes is something that I’ve always done myself, and to be honest I really rather enjoy it. While it does take a lot of work, it’s also a chance for me to see how well I’ve done financially in the previous year and how my business has continued to grow. But one of the things that does get difficult is keeping up with all the changing credits and benefits available, especially when doing an old-fashioned paper return.

That’s why this year I’m making the switch from paper to digital with help from TurboTax! While I’ve been tempted for years now to start filing my taxes online, the fact that I run a small business was always a deterrent because I wasn’t sure which digital filing method would work for me. Thankfully, TurboTax stepped in this year and helped me figure it out. Now I’ll be filing online with TurboTax Home & Business!

boys on swing

And as a mother with two minor children, I’ll also be taking advantage of some of the many credits and deductions available to families with children. These are five of the top tax benefits families with minor children should be investigating when filing their taxes this year:

1) Child Care Expenses Deduction

If you pay for childcare, you likely know how expensive it can be. That’s why the government offers a deduction each year for childcare expenses incurred so that parents can earn an income, go to school or conduct research. Starting in the 2015 tax year, the amount that families can claim has increased. Currently parents can claim up to $7000 per year for each child under seven years of age and $4000 per year for each child between seven and sixteen years of age. Both of those amounts have increased by $1000 for 2015.

2) Children’s Fitness Tax Credit

This credit is one that I’ve always loved since it promotes physical activity and allows children to pursue their love of a sport without putting too much financial strain on the parents. Now on your 2014 return, the amount that can be claimed has doubled! Parents can now claim up to $1000 per child for participation in eligible activities. Even better, starting in the 2015 tax year, the Children’s Fitness Tax Credit will be upgraded from a non-refundable tax credit to a refundable one. That means you could actually receive money back from the government for the fees you paid for your child’s sport.

3) Enhanced Universal Child Care Benefit

The 2014 tax year will be the last year that parents claim a Child Tax Credit on their income tax return. In 2015, the credit will be replaced with an enhanced Universal Child Care Benefit. The new UCCB provides $1920 per year for children under the age of six and $720 per year for children between six and seventeen years of age.

4) Family Tax Cut

The new Family Tax Cut, which is available for the 2014 tax year, has been one of the most hotly debated changes to the current income tax program. Essentially, in a family with minor children, the parent with a higher income can transfer up to $50,000 of eligible income to their spouse or common-law partner in order to move to a lower tax bracket and minimize income tax payments. While not all families will be able to benefit from the Family Tax Cut, it does have the potential to save eligible families up to $2000 per year on their taxes.

5) Children’s Arts Credit

For children that participate in artistic, cultural, recreational or developmental activities, parents can claim up to $500 per child in non-refundable tax credits. The credit is similar to the Children’s Fitness Tax Credit and allows children to participate in valuable and sometimes expensive activities such as music lessons, art classes and theatre groups while minimizing the cost for parents.

boy kicking soccer ball

While I’ve taken advantage of many of these credits for families in the past tax years, I’m looking forward to the process being quicker and easier now thanks to TurboTax. The advantages of the TurboTax software go beyond quick and easy filing. The program also uses simple questions about your life to determine whether or not you’re eligible for various credits. In fact, TurboTax even offers a maximum refund guarantee! If you get a larger refund or a smaller amount owing using another tax preparation method, TurboTax will refund the price you paid for the program.

No matter how simple or complicated your tax return is for 2014, TurboTax can help you get it filed quickly and expertly while finding all the possible deductions and credits you’re entitled to claim. Follow the TurboTax blog for more expert advice on filing your return and get ready to breeze through your taxes this year!

mommy kat and kids rp2

Filed Under: Articles, Money Tagged With: 2014 family tax credits, 2014 taxes, 2015 family tax credits, agency, arts credit, benefits, canada, canada 2014 taxes, canada revenue agency, canada taxes, child care expenses deductions, children, cra, credits, family credits, family tax credits, family tax cut, family tax deductions, family tax tips, family tax tips canada, file taxes, file taxes online, fitness credit, revenue, tax, tax credits, tax tips, taxes, turbotax, turbotax filing, universal child care benefit

Comments

  1. KatM says

    January 26, 2015 at 9:30 pm

    Some great tax filing tips for familes! Thanks so much!

    Reply
  2. barbara says

    January 27, 2015 at 9:23 pm

    Not to familiar with how this all goes

    Reply
  3. Lindsay C says

    January 27, 2015 at 9:30 pm

    I don’t have any children, so unfortunately these benefits don’t apply to me. However, I have been using TurboTax to do my taxes for the last 6 years and it is definitely easy to use and gives you tips along the way.

    Reply
  4. Shirley OFlynn says

    January 27, 2015 at 9:32 pm

    Great tips! Thanks.

    Reply
  5. Kathleen L says

    January 27, 2015 at 9:36 pm

    Thanks, always a great reminder for upcoming tax season

    Reply
  6. Cheryl (@loucheryl) says

    January 27, 2015 at 9:42 pm

    Love the info about the Childs Art credit!

    Reply
  7. kristen visser says

    January 27, 2015 at 9:55 pm

    amazing information!! totally bookmarking this for my husband to read too

    Reply
  8. kathy downey says

    January 27, 2015 at 10:00 pm

    I don’t have any children, so these benefits don’t apply to me,but great for those who do

    Reply
  9. Kristine Ewald says

    January 27, 2015 at 11:40 pm

    Great tips, gearing up for tax time

    Reply
  10. kelly young says

    January 27, 2015 at 11:51 pm

    great tips happy about the Enhanced Universal Child Care Benefit

    Reply
  11. heidi c. says

    January 28, 2015 at 1:41 am

    So many people don’t seem to know about the Child Art and Physical activity credits. You can claim a good amount for both.

    Reply
  12. Doris Calvert says

    January 28, 2015 at 4:06 am

    Great tips for parents!

    Reply
  13. nicolthepickle says

    January 28, 2015 at 6:13 am

    I didn’t know about the Child Fitness Tax Credit. Thanks for the heads up.

    Reply
  14. Erika Letson says

    January 28, 2015 at 7:47 am

    Thanks for the great info!

    Reply
  15. Julie says

    January 28, 2015 at 8:00 am

    Have used Turbo tax for yrs, it’s a big help!

    Reply
  16. Cheryl says

    January 28, 2015 at 8:11 am

    We use Turbo Tax and it is great!!

    Reply
  17. crystal parsons says

    January 28, 2015 at 8:37 am

    I always do my own income tax but that new family tax credit has me stumped going to have to research before I do are income tax this year.

    Reply
  18. Alison Braidwood says

    January 28, 2015 at 9:02 am

    Great tips. I love TurboTax – I’ve used them for years.

    Reply
  19. michelle tremblett says

    January 28, 2015 at 9:24 am

    This is great !! I will be using Turbo Tax for my first time this year 🙂

    Reply
  20. angela m says

    January 28, 2015 at 11:02 am

    Very informative article. I love the Children’s Fitness Tax Credit..

    Reply
  21. Chandra Christine O'Connor says

    January 28, 2015 at 12:03 pm

    a lot more to claim for kids then I thought

    Reply
  22. Wendy hutton says

    January 28, 2015 at 12:49 pm

    great tips for families thanks

    Reply
  23. Lynda Cook says

    January 28, 2015 at 12:50 pm

    I’m glad I have a tax lady that does all mine, she may be a bit costly but it’s well worth it, and I don’t have to worry about messing up!1

    Reply
  24. Julie F says

    January 28, 2015 at 1:04 pm

    Our kids are all grown up but Turbo Tax is a great tool!

    Reply
  25. Carol B says

    January 28, 2015 at 2:50 pm

    my kids are all grown and raising kids of their own, I am passing this information on to them. Thanks

    Reply
  26. Michelle Policelli says

    January 28, 2015 at 3:36 pm

    great tips 🙂 thanks

    Reply
  27. loriag says

    January 28, 2015 at 6:59 pm

    Always to important to know your tax benefits especially for young families. Thanks for sharing.

    Reply
  28. Cathy Jarolin says

    January 28, 2015 at 8:37 pm

    This Post will Help a lot of Canadian Familys with their Taxes. Especially the ones that are into Sports and arts. I think its wonderful that they can claim the Money they had to use to keep their child in their Sports and art classes. I just finished up with my taxes yesterday.I use Turbo Tax. Its Fast and easy and I really like it. Thankyou for sharing!

    Reply
  29. Amy Lovell says

    January 29, 2015 at 6:09 am

    This sounds awesome! Usualkly I do my taxes online with ufile but think I may go elsewhere this year to get them done!

    Reply
  30. Sherry K says

    January 29, 2015 at 10:44 am

    Love Turbo Tax – The questions really make sure that you don’t miss anything.

    Reply
  31. Wanda Tracey says

    January 29, 2015 at 1:29 pm

    Thank you so much for sharing these great tax tips with us.This is good information to know.

    Reply
  32. Stephanie LaPlante says

    January 29, 2015 at 2:40 pm

    Thanks for these tips! Very helpful information.

    Reply
  33. Anna W says

    January 30, 2015 at 9:17 am

    We always use Turbo Tax, we have never had any problems filing with it.

    Reply
  34. Judy Cowan says

    January 30, 2015 at 9:32 am

    Great tips! We use Turbo Tax every year to do our own taxes.

    Reply
  35. Cheryl says

    January 30, 2015 at 1:54 pm

    This is so great to read! I am glad uccb was extended for the older children

    Reply
  36. Lori Jackson says

    January 30, 2015 at 4:36 pm

    So informative…really glad I read it!

    Reply
  37. Kiersten says

    January 30, 2015 at 5:25 pm

    great advice, thanks!

    Reply
  38. Vesper Meikle says

    January 31, 2015 at 6:02 am

    great tips if you have a family but we have done our own as there is only the 2 of us

    Reply
  39. Charlene A. says

    January 31, 2015 at 8:58 am

    Some great increases for families this tax year. Thanks for the rundown.

    Reply
  40. Sneakyliz says

    January 31, 2015 at 11:18 am

    Awesome tips! And seems fairly simple too!

    Reply
  41. MOHAMMAD ANJUM says

    January 31, 2015 at 6:49 pm

    AWESOME TIP

    Reply
  42. Lauren says

    January 31, 2015 at 7:24 pm

    Thanks so much for the tips. I used Turbo Tax last year but got nervous about how accurate it was so I sucked it up and went to an accountant. Turns out the accountant got the same $$ amount I did with TurboTax… to the penny!!

    Reply
  43. Aliya D says

    February 1, 2015 at 12:01 am

    Great tips if I had children of my own… I have nephews which I help support, but cannot take advantage of any of the deductions.

    Reply
  44. JaimeeM says

    February 1, 2015 at 7:51 am

    So great to know! Im looking forward to this years tax return, fixing up the house!

    Reply
  45. nikki robak says

    February 1, 2015 at 1:56 pm

    my kids are too old for these deductions to be any good to me

    Reply
  46. Angela Mitchell says

    February 5, 2015 at 12:49 am

    We’ve been using Turbo Tax for years. It’s so convenient!

    Reply
  47. Fan R says

    February 5, 2015 at 8:26 am

    Tax season is here.

    Reply
  48. Elva Roberts says

    February 5, 2015 at 1:05 pm

    Thank you for informing parents of the top five tax benefits for Canadian Families. I am not sure if parents knew all of them but I did not.

    Reply
  49. DarW says

    February 7, 2015 at 1:00 pm

    I don’t mind doing my taxes every year. I use another program (Free!) But these days all online programs make it super easy to do your taxes.

    Reply
  50. Cairine says

    February 8, 2015 at 12:14 pm

    I didn’t know you could get credit for children in sports.

    Reply
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