How Can I Save on My Taxes?: Difference between revisions

How Can I Save on My Taxes? (view source)

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 There are different kinds of payments and credits. The main ones are:
 * Canada Child Tax Benefit (CCTB) payments,
-* HST credit (harmonized sales tax), and
+* the Universal Child Care Benefit, and
 * tax credits from the provincial government.
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 BC Family Bonus is a payment from the provincial government to help you with the cost of raising children if your income is low. The BC Family Bonus comes with the Canada Child Tax Benefit. You do not have to apply for it. The government decides if you qualify for it based on your income tax return.
-===HST credit===
-If your income is low, you may be able to get a BC ''HST credit''. This is a payment to help you pay the HST on the things you buy.
-* The maximum credit is $230 each year per family member. If you pay taxes as a family and your taxable income is up to $25,000, you can get the maximum credit.
-* If you pay taxes as an individual and your taxable income is up to $20,000, you can get the maximum credit.
-* If you have income above these amounts, you may be able to get part of the credit.
 ===Universal Child Care Benefit===
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 You are considered to be “lower-income” if your income is $30,722 for a single person, or $35,843 for a family (2010-2011 figures).
-The BC Low Income Climate Action Tax Credit comes with the BC HST credit.
 ==Are there ways to reduce taxable income?==