There are only a few more weeks of tax season left in Canada, so don’t forget to claim any missed benefits, credits, and deductions.
According to a new H&R Block Canada survey, nearly two out of three Canadians (65 per cent) report that they did not know they could amend their tax returns from the last 10 years to claim benefits, credits or deductions they were entitled to but missed.
“There are likely hundreds of thousands of Canadians who have left money on the table from missed credits and benefits from prior tax returns,” said Yannick Lemay, H&R Block Canada tax expert, in the report.
“Meaning, if you filed a tax return and missed a credit or deduction you were entitled to in years past, you can go back to the Canada Revenue Agency [CRA] and amend the previous assessment.”
Despite knowing they can amend their prior tax returns, the report found that a whopping 72 per cent of Canadians say that amending it is “too much hassle.”
Lemay says the tax prep company’s free Second Look service finds that, on average, Canadians are losing out on nearly $3,000 in unclaimed credits and benefits.
“We encourage Canadians to explore if and where they may have missed putting money back in their pockets from previous tax returns, and to focus on ensuring they don’t miss out on the tax credits and benefits that are most commonly missed. After all, you have a 50 per cent chance of putting thousands of dollars back in your pocket!” he added.
With over 400 tax credits and deductions available in Canada, it’s easy to unknowingly leave money on the table.
With the deadline to file your taxes quickly approaching, H&R Block shared some of the most commonly missed tax credits and deductions:
Child Care Expense Deduction
Deducts up to $8,000 per child under seven, $5,000 per child aged seven to 16, and $11,000 for children with disabilities.
Canada Caregiver Credit (CCC)
For those Canadians supporting a spouse, partner, child, or dependent with a disability or medical condition, a non-refundable tax credit of up to $8,375 can be claimed on their 2024 tax return.
Medical Expense Tax Credit (METC)
For expenses including prescription glasses (and also prescription sunglasses), dental work (such as crowns, braces and dental implants), travel for medical treatment (if over 40 km), gluten-free food (for celiac disease), therapy, and mental health services.
Canada Workers Benefit (CWB)
A refundable tax credit for low-income workers, with a maximum credit in 2024 of $1,590 for individuals and $2,739 for families.
Tuition and Education Tax Credits
Students can transfer up to $5,000 of unused tuition credits to a parent, spouse, or grandparent; many students forget to claim past tuition fees. Any unused credit can be carried forward without a limit of time.
Interest on Student Loans
On your 2024 return, you can claim interest paid in 2024 or in any of the past five years on federal and provincial student loans.
Home Accessibility Tax Credit (HATC)
Covers renovations for seniors (65+) or disabled individuals to improve home accessibility, with a credit of 15 per cent (12.5 per cent in Quebec) or up to $3,000 (or $2,500 in Quebec) on expenses up to $20,000 (including GST/HST).
Moving Expenses Deduction
If you moved at least 40 kilometres closer to work or school, you may be eligible to deduct moving costs like transportation and travel, temporary living expenses and real estate fees.
Disability Tax Credit (DTC)
For individuals with prolonged physical or mental impairments, up to $9,872 in non-refundable tax credits. Many Canadians with conditions like ADHD, diabetes, or mental health conditions qualify but don’t claim.
First-Time Home Buyers’ Tax Credit (HBTC)
A $10,000 credit (saves $1,500 in taxes) for first-time home buyers ($1,200 in Quebec).
If you’re feeling stressed with the deadline coming up, we spoke with an expert on the best ways to make filing taxes stress-free.
You should also be aware of the tax incentives that homeowners, families, and students can take advantage of.
