Did you know that the Ontario government gives a sales tax credit of $100 to every 16 year old? If your parents haven’t applied for it or earned too much to qualify, you can apply for it! Didn’t file and tax return because you didn’t earn anything? No problem, file anyway and the Ontario government will be glad to send you your $100 sales tax credit.
Tax Tips
- Did you know that a tradesperson, as a condition of employment, can use the deduction of tools that he or she purchased after May 1, 2006 that were used directly in his or her work? You will need to provide receipts for the tools purchased, an itemized tool list signed by the employer and a signed Declaration of Conditions of Employment form need to be provided for your taxes.
- Did you know that taxpayers who bought an eligible public transit pass during the year and used it in respect of transit after June 30, 2006 will be entitled to claim a non-refundable tax credit? Only monthly or longer passes issued for local and commuter buses, streetcars, subway, commuter trains and local ferries will be considered eligible. To calculated the credit, the taxpayer will include not only the cost of his/her own passes, but also the cost of passes used by his/her spouse or common-low partner and his/her children under 19. The taxpayer will need to provide the transit pass to the tax preparer as it displays the following information: date or period of validity of the pass (at least one month), cost of the pass, name of the transit authority having issued the pass and identification of the user by name or unique identifier. Otherwise the taxpayer will need a dated receipt, cancelled cheque or credit card statement to support his/her claim.
- Education amount: $400 a month for each month in 2006 that you are enrolled as a full-time student in a qualifying educational program. The educational institution will issue a T2202 with the qualifying amounts on it. Also there is a textbook amount of $65 per month, new for 2006.