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Tax credits going to waste

Most Canadians don’t even claim the credits they’re entitled to


 

A survey conducted for H&R Block last December found the vast majority of Canadians don’t claim all the tax credits they’re entitled to. Canadians living in the prairies were the most likely to file for new tax credits introduced last year, with 42 per cent of filers claiming them on their returns. By contrast, only 18 per cent of Quebecers did the same. Across Canada, only one out of four taxpayers claimed the credits on their tax returns. “How can you leave that kind of money on the table?” wondered Cleo Hamel, a senior tax analyst at H&R Block.

Victoria Times-Colonist


 
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Tax credits going to waste

  1. How can we let it go to waste? Well, at the end of the day, if it costs me 150$ to get my taxes done at H&R block, and I end up claiming 135$ more in tax credits, it’s not worth it. Instead I’ll do it with Quick Tax, and save time and dignity. That is all.

    • you forgot Penny that having a professional do your taxes is deductible!

      • 100% of your tax prep done by a professional is limited by must be over 2% of your AGI or if you have a business then 100% offset your business income. Just read your schedules (c) p/l for business. or 1040 long form itemized deductions schedule (a)

  2. The level of basic personal finance and tax education in Canada is generally lacking. Elementary/high schools seem so unwilling to teach this stuff even though it massively affects every single student and the economy in general. Its always been a very odd oversight to me. It seems like it should get at least the same level of attention as STD education or the like. Maybe there just isn’t enough activism behind it as all the other stuff that seems to find its way into curriculums. The level of basic personal finance and tax education in Canada is generally lacking. Schools seem so unwilling to teach this stuff even though it massively affects every single student and the economy in general. Its always been a very odd oversight to me. It seems like it should get at least the same level of attention as STD education or the like. Maybe there just isn’t enough activism behind it as all the other stuff that seems to find its way into curriculums.

  3. Just propaganda for H&R fraudster-Block. I gave up on them after the fee for my tax prep by them kept going up 10 to 20% yearly for doing the same job. I was running my own small business and it was getting onerous doing it myself. It was a business return and they were finishing in a couple of hours and demanding more and more. Went back to doing it myself. Yes it’s a pain, but for Joe Six Pack with a T4 and maybe an RSP I recommend doing it yourself. I’m sure H&R,by counting every possible nickel and dime tax credit for the entire country can come up with a fantastic total. For the average taxpayer being eligible for a rinkie-dink transit credit or some other bone thown to them, well it wouldn’t pay for aforementioned six pack. The Feds correct any minor mistakes and explain it to you when you get your refund or statement from them. And as far as hiring some 150 dollar an hour accountant because the fee is a tax deduction next year…big whoop. Cheers

  4. It smells like a plug for H&R Block’s services. If you have a low taxable income, you can use quick tax web and it’s free. It also points out each place where you might have a deduction.

    I filed that way and received an $850 refund. None of the refund was federal – it was all provincial – seniors property tax credit etc. I don’t make enough to qualify for any of the – new federal – tax breaks.

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