Amidst the rising cost of living in Canada, many residents are looking for ways to save more and spend less. The provincial government currently offers an array of benefits and credits, including the Cost of Living tax credit.
Quebec residents may be eligible for several government benefits and credits offered in February to ease financial strain. Verifying eligibility for programs such as the Quebec Pension Plan, Family Allowance, Old Age Security, and the Canada Child Benefit is recommended as you could be entitled to hundreds of dollars.
It's time to calculate taxes in Canada. As taxpayers begin to navigate the tricky web of tax information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits. It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns. Here's a guide to tax season in Canada, including how much income tax you can expect to pay at the federal and provincial levels, some of the biggest credits and benefits available to you, the filing deadline and the penalties for missing it.
The downside of many tax benefits and credits is that they function retroactively. But there are exceptions. On the provincial level, Revenu Québec accepts advance payment applications for three Quebec tax credits, those for childcare expenses, senior home support services and caregivers.
There are several federal and provincial benefits and tax credits in Canada that give middle and low-income residents a bit of a financial boost. Many you don't even need to apply for they're just based on your income tax returns and processed automatically. Others may require you to submit an application. Here are three federal measures and one provincial measure that could add up to some serious bucks for eligible individuals.