Are You a Tax Fool? use you tax credits wisely

(TORONTO, ON) – Are you a filing fool when it comes to your taxes? Are you procrastinating at tax time because completing your annual return is such a tedious task?

With Revenue Canada reporting that the average tax refund is expected to be more than $1,600, Consolidated Credit Counseling Services of Canada, Inc. wants to help consumers file on time and laugh all the way to the bank.

“For many consumers, April can be an overwhelming month”, says Jeff Schwartz executive director of Consolidated Credit. “If you haven’t been diligent about keeping your financial paperwork organized, pulling together all your tax documents can be an onerous task.”

The task becomes even more onerous for those who fear owing, or who are unaware of the numerous tax credits and deductions available to taxpayers in Canada.

“It’s difficult to make heads or tails of the various deductions and tax credits that can make your tax pain go away. And if you don’t take advantage of these tax incentives, it could potentially mean leaving hundreds or even thousands of your hard earned dollars in the government’s pocket,” adds Schwartz.

As an organization dedicated to helping consumers lead financially independent lives, Consolidated Credit wants to ensure Canadians aren’t fooling around with their taxes.

Whether you use an accountant, a tax filing service, or fill out the return on your own, be sure to consider some of these valuable tax credits and deductions that will help you laugh your way to the bank this April:

First-time donor’s super credit – This new credit is available to families and individuals who are claiming their first charitable donation, and offers an additional 25% tax credit on the donation, up to a maximum of $250.

Children’s Arts & Children’s Fitness Tax Credit – Now available for both artistic and fitness activities, this credit provides parents with a 15% non-refundable tax credit on the first $500 the spend on both artistic and athletic activities for their kids. This means if your kid takes both music and swimming lessons, you can claim up to $500 for each activity.

Child Care Expenses – Claimed by the lower earning parent, this deduction allows parents to claim their nanny or day-care expenses (up to a maximum of $7,000 per child) by deducting this amount from their taxable income.

First -Time Home Buyers Tax Credit – If you purchased your first home in 2013, you may be eligible for the first-time home buyer’s federal tax credit. This non-refundable credit allows individuals to claim $750 for the purchase of their first home.

Moving Expenses – If you moved at least 40 km to be closer to a new job, run a business, or go to school, the federal government may allow you to deduct your moving expenses from your taxable income. These expenses can include transportation, storage costs, real estate commission, legal fees and any costs related to changing your address.

These are just a few of the credits and deductions available to Canadian taxpayers this year. And while an accountant or other financial expert is best suited to help you get the most from your 2013 tax return, Consolidated Credit wants to remind Canadians that your refund is nothing more than an interest-free loan you were forced to make to the government all year long.

“A fool and his money are quickly parted, and leaving your hard-earned income in the government’s coffers should be no laughing matter.” – added Schwartz.

For more information or to request an interview with Jeffrey Schwartz, please contact:

Kylie-Anne Doerner, Communications & Public Relations Manager, Consolidated Credit Counseling Services of Canada, Inc. (B) 416.915.7283 ext. 1057 (C) 289.231.7900 or

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