Canada Revenue Agency published a Financial Literacy Month tax tip connecting tax filing, benefits, housing savings, and registered accounts.
The CRA said filing a tax return can give eligible households access to benefits and credits.
For families with children, the tax tip cited Canada Child Benefit amounts of up to $7,997 per child under age six and $6,748 for children aged six through 17.
For modest-income individuals, the CRA cited a quarterly GST/HST credit worth up to $533 a year for a single individual.
The tax tip also pointed to the First Home Savings Account. Eligible first-time home buyers can contribute directly or transfer from an RRSP to an FHSA up to $8,000 per year, with a $40,000 lifetime limit.
For RRSP withdrawals, the Home Buyers' Plan allows first-time buyers to withdraw up to $60,000 to buy or build a qualifying home.
The Multigenerational Home Renovation Tax Credit was also listed. CRA said eligible renovation expenses for constructing a secondary suite for a senior or an adult eligible for the Disability Tax Credit could result in a refund of up to $7,500 for each eligible claim.
The tax tip also referred to the proposed first-time home buyers' GST/HST rebate, pending Royal Assent, which would remove the GST or federal HST portion on eligible new homes valued up to $1 million and gradually reduce the tax on homes between $1 million and $1.5 million.
The article is a reminder rather than a new law, but it gathers several practical tax channels in one place: filing, benefits, housing savings, GST/HST relief, RRSP withdrawals, and registered-plan choices.