Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more
Changes to income taxes for 2021
The past two years have been unpredictable to say the least—and that uncertainty applies to filing our tax returns, too. CRB or T2200, anyone? If you don’t know what those are, we have you covered in our 2021 Canadian tax update, including new tax deductions and programs. Get information on the Canada Worker Lockdown Benefit, home office deductions, how to claim a tax credit for digital news, the minimum 15% tax for high-income individuals, credits for home buyers and more.
Find out what’s new for the 2021 tax season.
Tax claims for Canadians
You likely know about claiming child care expenses, charitable donations and contributions to your registered retirement savings plan (RRSP)—but what other deductions could you get? We list the most commonly missed tax claims. See if you’re eligible for claims related to medical expenses, working from home, moving, tuition and school, investing fees, political contributions or buying your first home. And for each, we include how to make the claim, too.
Read the full article: What can you claim on your income taxes: 7 deductions not to miss.
How to get started doing your tax return
If you procrastinate with your tax return, know that you’re not alone: in 2020, over 60% of Canadians didn’t file on time. Being late can be costly, though, so we want to help you conquer procrastination—and avoid penalties and interest charges—this tax season. Get motivated with the psychological hacks in our article: How to do your taxes and beat procrastination.