Federal tax credits Canadians should take advantage of but probably aren’t

Yahoo Finance
February 14, 2023.

It can be tricky to keep up with new income tax changes and tweaks that the federal government rolls out yearly, but there are also some tax credit mainstays that experts say many Canadians might be eligible for but still don’t take full advantage of.

Ryan Knipfel, a senior financial planner with a specialization in tax and estate planning at Richardson Wealth, says sometimes it comes down to a lack of awareness that certain tax credits exist or uncertainty whether the credit applies because the definition is vague.

Other times, tax-filing software can auto-apply tax credits or a user might not be prompted on certain credits because of how they answered questions on the platform, he says.

“I think the main ones for the average person, both in terms of they may not know they exist, or they may not know when and how to claim them or what qualifies, I think medical expenses is definitely one,” Knipfel said in an interview with Yahoo Finance Canada.

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