Tax Credit – Edmonton, Sherwood Park Income Tax Accountants

BOMCAS CANADA Personal Tax Accountant in Edmonton and Sherwood Park Alberta

We assist our customers in identifying the tax slips needed to complete their personal tax return. However, as a default the following are the sources of income tax slips that are usually seen apart from the personal tax return:

• Employment Income- T4, T4A
• Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
• Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
• Foreign Assets
• Rental Income
• Registered Retirement Savings Plan (RRSP) Income- T4RSP
• Schedule of Capital Gains and Losses
• Income from Self Employment
• Debt Forgiveness
• Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210

The Canadian government gives several tax credits to individuals on their personal tax returns that is based on individual personal situations. The following is a list of tax credits commonly seen used on T1 return:

• Spousal Exemption
• Disability Amounts- T2201
• Adoption Expenses
• Tuition, Fees and Education Amounts- T2202 or T2202A
• Interest Paid on Student Loans
• Medical Expenses
• Caregiver Amounts
• Federal or Ontario Political Contributions
• Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks)
• Child Fitness Credit (max. $500 per child)
• Children’s Arts Tax Credits (max. $500 per child)
• Dependents (born earlier than 1993 in the 2013 tax year)
• Charitable Donations- 2013 was the first year of implementation of the first time donors super credit
• Rent or Property Tax Credit ( specific conditions apply)