The Easter long weekend is the time when many of us finally sit down to complete our 2016 tax returns to make sure they can be filed by the May 1 deadline. Here are 10 perhaps lesser-known quick tips that may save you some extra cash when filing your returns.
Private health service plan premiums
If you pay for private health insurance, either directly or indirectly through your work plan, the cost of your premiums will generally qualify for the medical expense tax credit (METC). These plans include most medical, dental and hospitalization plans. For the 2016 tax year, valid medical expenses qualify for a 15 per cent federal credit as well as a provincial credit, provided they exceed a minimum threshold equal to the lesser of 3 per cent of your net income or $2,237.
Read more from Financial Post