10 tax credits

It's tax season! So here's 10 tax credits for Canadians to save:

1. Family caregiver tax credit: It’s a 15% non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of dependant relatives. This includes sick spouses, common-law partners, and minor children.

2. Medical expense tax credit: To fully recognize the medical and disability-related costs incurred by caregivers, the $10,000 limit on the amount of eligible expenses has been removed.

3. First-time homebuyers’ tax credit: Helps people with the costs associated with the purchase of a home, such as legal fees.

4. Tradesperson’s tool deduction: Tradespeople can deduct from their income part of the cost of tools purchased in 2012.

5. Textbook tax credit: This provides increased tax relief to students, in addition to the tuition and education tax credits. Students must first claim their credit on their own returns, but may be able to transfer unused amounts to a parent, grandparent, spouse or common-law partner.

6. Universal childcare benefit: This offers families with children under six with $100 per month for each child.

7. TFSA savings: Canadians can now contribute $5,500 to their TFSAs annually.

8. Registered disability savings plan: It’s a long-term savings plan to help Canadians with disabilities and their families.

9. Canada employment credit: This is a 15% non-refundable tax credit on an amount of $1,095 in employment income. It covers costs such as home computers, uniforms and supplies.

10. Public transit tax credit: Canadians can claim the full amount they spend on eligible transit passes for the year.