Smart Tax and Accounting is a full service accounting firm that helps clients identify and apply for tax credits and government benefits. There are several Ontario tax credits and Canada Federal benefits that are offered and STAA CPA firm focuses on helping clients identify and apply for tax credits and benefits that are most applicable to them. STAA CPA firm has identified the following as popular tax benefits and credits:
- Canada Child Benefit
- Maternity and parental benefits
- Child Disability Benefit
- Goods and services tax/Harmonized sales tax (GST/HST) credit
- Employment Insurance benefits
- Old Age Security pension
- Canada Pension Plan disability benefits
- Canada Pension Plan retirement pension
- Guaranteed Income Supplement
- Allowance for the Survivor
- Temporary COVID benefits
- Housing benefits
- Child care subsidy
1) GST Housing Rebate Ontario– The GST/HST new housing rebate allows for individuals to recover some of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) paid for a new or substantially renovated house that is for use as the individual’s, or their spouse’s primary place of residence, and all of the other conditions are met. In order to qualify for the Federal rebate, the total purchase price of the home must be less than $450,000 otherwise one cannot qualify to recover the federal portion of the HST paid.
If your house is located in Ontario, you may also be eligible to claim a provincial new housing rebate to recover some of the provincial part of the HST that you paid to buy the house. STAA has done applications for clients with regards to the GST/HST new housing rebate and have helped those clients recover thousands of dollars paid in GST/HST. If you feel that you meet the requirements of the GST/HST Credit, then please contact STAA immediately to have a tax professional file your application as soon as possible.
2) Disability Tax Credit Toronto– The Government of Canada offers a variety of tax benefits to people with disabilities. These benefits are provided under the assumption that people with disabilities will have unavoidable, additional expenses that are not faced by other taxpayers. The Disability Tax Credit (DTC) is intended to act as a fairness measure for people with disabilities and their families. As such, it is designed to help offset the additional expenses associated with having a severe and prolonged impairment in physical or mental functions, which markedly restricted a person’s ability to perform at least one basic activity of daily living. The credit is a great break by the Government of Canada for those people with disabilities. If you know or are affected by someone who is affected by disabilities and feel they are not taking advantage of the disability tax credit, then please have them contact STAA CPA firm today to get help in filing this credit on their behalf.
Aside from the aforementioned benefits and credits, there are several other Ontario Tax Credits and Federal benefits available to individuals. Please contact STAA CPA firm to find out what other tax credits and befits will be applicable to you and ensure you are getting the most back from the government.