Three Secrets To Maximize Your Tax Returns
Hello explorers, and welcome to Money Path Atlantic's Tax Trail. This is your guide to filing your 2023 taxes on April 30, 2024. While many of us think we don’t need to change how we do taxes, even for the non-filers out there, we have three things to share about taxes that you might not yet know!
Monetary Benefits
Prosper Canada is a national charity that develops and promotes financial policies, programs and resources to help Canadians to prosper. They have a website dedicated to helping Canadians find benefits they’re eligible for. We use this too at Money Path regularly, and so do the many other organizations in our network! Below are just a few benefits we’ve seen trailblazers miss out on in the past.
The Canada Child Benefit: This benefit can give you up to $6,833.00 tax-free, each year for each child in your care.
The GST/HST Credit: This benefit could give you up to $456 if you are single, up to $598 per year if you are married or have a common-law partner, and up to $157 for each child under 19 years old.
The Canada Workers Benefit: This benefit could give you up to $1,381 per year for individuals, or up to $2,379 for families, if you are employed.
You can learn more about the Benefits Wayfinder on Prosper Canada's website here. If you want some more help with this tool or want to talk to someone about your eligibility, we’d be happy to help!
Free Tax Filing Help in your Community:
Did you know you can get free help with your tax filing, thanks to Canada’s Community Volunteer Income Tax Program, which Money Path is also part of? You can read through the list below to learn more, and then contact any of our three hubs to get started! Remember, we’re not the only ones who are part of the CVITP, dedicated volunteers affiliated with community organizations across Canada who are available to help guide you through the process.
What You Need to Know
To qualify, you should have a modest income and a simple tax situation. Modest income guidelines are based on family size, and you can review those guidelines here. A simple tax situation includes income from employment, pensions, benefits, scholarships, RRSPs, or interest under $1,000. Businesses owners are not eligible at this time, since that is a more complicated tax filing.
Different locations can offer different services, including walk-in, by appointment, drop-off, and virtual. At Money Path, our three hubs will take you by appointment — just give us a call or email! We will also have tax clinic events, so you can walk in during those times. And check our Facebook feed for upcoming Money Path pop-up tax clinics!
And don’t forget these important documents for your meeting, because volunteers need them to help you complete your income tax and benefit return for you:
tax information slips
receipts
Social Insurance Number
identification
Get Involved
If you're interested in volunteering for the Community Volunteer Tax Program, you can find all the information on the Government of Canada’s website here.
Money Path Atlantic Can Help
Lastly, Money Path is your zero-cost and zero-judgment support. We have three main hubs in Nova Scotia: MetroWorks in Halifax, Mill Road Social Enterprises in Inverness and Valley Community Learning Association in Kentville! Plus, we've got a network of partners across Nova Scotia ready to join you on the money trails, whether it’s with taxes, or other money situations you want assistance with. So long story short, we’re here to help you, and if you think you’re ready to head out on the tax trial, don’t forget to take a peek at our tax checklist!
Common documents
Receipts and tax slips to organize
List of your children’s names and birthdates (under 18)
Information about your spouse’s income, if any
Receipts for medical expenses
Receipts for childcare expenses
Copy of your direct deposit information
Tax slips from the government and your employer(s)
T4 Statement of Remuneration Paid issued by your employer
T4A Statement of Pension, Retirement, Annuity, and Other Income
T4A(OAS) Statement of Old Age Security
T4A(P) Statement of Canada Pension Plan Benefits
T4E Statement of Employment Insurance and Other Benefits
T4RIF Statement of income from a Registered Retirement Income Fund
T4RSP Statement of Registered Retirement Savings Plan (RRSP) Income
T5007 if you received social assistance benefits in 2023
T2202A if you have a child attending college or university in 2023
RC62 if you received Universal Child Care Benefits
Whether it's exploring the Benefits Wayfinder for potential monetary benefits, seeking free tax filing assistance through the Community Volunteer Income Tax Program, or ensuring you have all the necessary documents with our handy tax checklist, we're here to help you on your own money trails. Don't let this tax season be a daunting journey — there can be lots of support around you.
