Starting in 2013, Canadians will be able to contribute up to $5,500 each year. As always, unused room is carried forward to the next year. It is important to remember that withdrawn money can only be re-contributed in future years. It cannot be re-contributed in the same year without penalty.
The medical expenses tax credit applies to a variety of medical expenses - from home care services to laser eye surgery - that are in excessof the lesser of $2,109 or 3 percent of net income. There is no limit on the amount of eligible expenses a taxpayer can claim for himself or herself, a spouse or common-law partner, or a child under 18.
New this year, the Government has added blood coagulation monitors - including associated disposable tools such as pricking devices, lancets and test strips - to the list of eligible expenses when prescribed by a medical practitioner.
PUBLIC TRANSIT TAX CREDIT
Transit users can claim a non-refundable tax credit of 15 percent of the cost of their monthly or yearly public transit passes. For more details visit www.transitpass.ca.
UNIVERSAL CHILD CARE BENEFIT
The UCCB provides families with $100 per month for each child under the age of 6.
If at any time in 2012 (either alone or with another person) maintained a residence where you and the person you care for lived (a spouse or common-law partner is not considered your dependant for this purpose), you may be able to claim a maximum amount of $4,402.
FAMILY CAREGIVER TAX CREDIT
New this year for availability on your 2012 tax return.
Caregivers will benefit by claiming an enhanced amount under other eligible credits, such as the child tax credit or the caregiver amount. The family caregiver tax credit is a 15 percent credit on an amount of $2,000. Plus, for the first time, it will include spouses, common-law partners and minor children.
CANADA CHILD TAX BENEFIT
Low and middle income families will see an increase to the Canada Child Tax Benefit and the National Child Benefit supplement.
For more details, please vist www.nationalchildbenefit.ca.