Dale Jackson

Personal Finance Columnist, Payback Time

Follow|Archive

Spring introduces itself in subtle ways: chirping birds and budding trees.

The tax deadline, however, is not so subtle. The Canada Revenue Agency requires all 2015 tax returns to be filed by May 2.

If you are owed money, they will cut you some slack (of course). If you owe them, the interest meter is running.

For last minute filers it’s important to remember to include all deductions and credits if you want to lower your tax bill.

Deductions, such as registered retirement savings plan contributions are subtracted from taxable income before the calculations begin. They provide the greatest tax relief for those in higher income tax brackets.

Credits, on the other hand, are deducted from taxes owing and the savings are the same regardless of income.

Canada is a diverse country and so are the credits available on both the Federal and provincial levels. A full list is available on the CRA website.

Many credits are provided for medical expenses, people with disabilities, and caregivers.

Credits are also available for children relating to education, fitness and arts expenses.