Tax cuts for businesses and individuals
Tax cuts are an essential part of the Government of Canada's effort to stimulate the economy and to create and maintain jobs. Whether you are an individual or a business, you can benefit from the numerous credits, benefits, and tax cuts outlined below.
Children's fitness tax credit
The children's fitness tax credit is a non-refundable tax credit of up to $75 based on eligible fitness expenses (maximum $500) paid for each child who is under 16 years of age.
First-time home buyers' tax credit
First-time home buyers can claim a non-refundable tax credit of $750 for the acquisition of a qualifying home.
Pension income splitting
One of a wide range of tax cuts available. By choosing this option each tax year, pensioners can split up to 50% of eligible pension income with their spouse or common law partner and reduce their overall tax paid.
Public transit tax credit
The public transit tax credit is a non-refundable tax credit that helps individuals cover the cost of public transit.
Tradesperson's Tools Deduction
Tradespeople can deduct from their income part of the cost of tools purchased throughout the year.