Tax credits and Tips

Medical Care (Quebec)

Non-refundable tax credits are available in Quebec on medical expenses paid for yourself, dependent, or spouse, as long as they are over 3% of your yearly net income over the last 12 months. Make sure you keep your copies!

Digital News Subscription (Line 31350)

Non-refundable tax credits up to $500 are available for qualifying digital news subscription expenses for those who paid amounts to any qualified Canadian journalism organization, as long as they do not hold broadcasting licenses and is original news. Split the $500 tax claim with someone if it was shared with someone.

Infertility Treatment (Quebec)

Refundable tax credits available for IVF expenses if you were a Quebec resident in Quebec on Dec 31 of the taxable year, you paid the expenses in that year, a physician certifies that neither of you underwent surgical sterilization, vasectomy or tubal litigations for non-medical reasons, and neither you or your spouse had a child before treatment commenced for the claimed expenses.

Donations & Gifts (Line 34900)

You can claim up to 75% of your net income if you and your spouse/common-law partner donated to certain Canadian charities and institutions. Consult the CRA website on gifts and income tax, as well as the Schedule 9 federal tax form. Quebec has a tax credit for donations and gifts as well.

Interest Paid On Student Loans (Line 31900)

If you received a post-secondary student loan in 2020 or 5 years prior that fall under the Canada Student Loans act, Canada Student Financial Assistance Act, or the Apprentice Loans Act, it’s advantageous for you to not claim any amounts you don’t have taxes to pay for the year you paid the interest. Interest can be carried forward for the next 5 years. Schedule 11 covers education and tuition federally, while a provincial tax credit also exists for interest on student loans in Quebec.

First-Time Home Ownership (Line 31270)

A $5000 non-refundable credit is provided to first-time home buyers in 2020 if you/spouse/common-law partner acquired a qualifying home and if you didn’t live in another home you/spouse/common-law partner owned or bought in the year or 4 preceding years. A credit of $750 is also available for first-time buyers in Quebec. Most housing options qualify.

Donations To Quebec Political Parties

Donations to select eligible Quebec political parties are eligible for a tax credit. Official representatives of municipal parties, independent candidates authorized under Quebec’s Act, financial representatives, and candidates authorized are allowed. You can’t claim this credit if you were a political party or member yourself.

Volunteer Firefighting (Line 31220)

A $3000 non-refundable credit is eligible for those who were volunteer firefighter in 2020 for at least 200 hours . Quebec says you can’t claim the VFA if you are a replacement firefighter temporarily, are regularly on duty, or are paid for your duties.

Volunteer Search & Rescuing (Line 31240)

There is a $3000 amount for SRVA, search and rescue volunteers, if your search and rescue team qualifies. This includes being on call, emergency calls, attending meetings, participating in training, and more. A provincial tax credit is available for Quebec as well.

$400 work from home tax credit

$2 a day is eligible for claim for each day worked from home in 2020, for a maximum of 200 days per individual (The temporary flat rate is $400).

QUESTION: Do I Need to Declare CERB on my Income Tax?

ANSWER: Yes, CRA will be sending T4 and RL1 slips for your CERB payments which must be declared on 2020 Income taxes.

Should you have any questions or difficulties with any step, please call us at (514) 712-3851, and we’ll help you get everything in order.