All In The Family

Collins Barrow Clarity Defined" www.collinsbarrow.com ALL IN THE FAMILY Tax tips for families Home buyers' plan and incentives Is 2014 the year you become homeowners? Under the Home Buyers' Plan (HBP), families can withdraw up to $25,000 tax free from an RRSP to finance their first home. Eligible families can also claim the First Time Home Buyers' Tax Credit of up to $750. Childcare expenses Collect receipts To deduct childcare expenses, pay outstanding amounts by December 31, 2014 and ensure that your childcare provider issues a receipt. Children's art tax credit Colour in your tax plan Have you enrolled your children in artistic, cultural, recreational or developmental programs? Hold on to the receipts and claim up to $500 in fees per child under 17. To receive this credit, all outstanding amounts must be paid by December 31, 2014. Lifelong learning plan Expand minds Withdraw up to $10,000 tax free from your RRSP per calendar year to pay for eligible full-time education, up to a maximum of $20,000. VOL. I III ш Ш Children's fitness tax credit Get active Do your children participate in physical activity programs? Claim this federal tax credit on up to $500 of eligible fees per child under 17. Pay all required amounts by December 31, 2014 and keep your receipts. While this infographic provides general planning parameters, Collins Barrow recommends that you seek professional advice before taking specific tax planning steps. Visit collinsbarrow.com for further information.