SRJ Chartered Accountants is a full service accounting firm that helps clients identify tax credits in Ontario. There are several tax credits that are offered in the province of Ontario and SRJCA focuses on helping clients identify tax credits in Ontario that are most applicable to them. SRJCA has identified the following as popular tax credits in Ontario:
1) Digital Media Tax Credit Toronto– with the Ontario Interactive Digital Media Tax Credit (“Digital Media Tax Credit”), you can recover up to 40% of your eligible labour expenses and up to $100,000 of your marketing and distribution expenses. This Digital Media Tax Credit can be a perfect fit for companies that may not qualify for the SR&ED (“Scientific Research & Experimental Development”) program. The tax credit is not applied automatically and requires you to submit an application. SRJCA has expertise in assisting clients with the Digital Media Tax Credit and we encourage you to contact us if you need help with this credit.
2) GST Housing Rebate Ontario– The GST/HST new housing rebate allows for individuals to recover some of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) paid for a new or substantially renovated house that is for use as the individual’s, or their spouse’s primary place of residence, and all of the other conditions are met. In order to qualify for the Federal rebate, the total purchase price of the home must be less than $450,000 otherwise one cannot qualify to recover the federal portion of the HST paid. If your house is located in Ontario, you may also be eligible to claim a provincial new housing rebate to recover some of the provincial part of the HST that you paid to buy the house. SRJCA has done hundreds of applications for clients with regards to the GST/HST new housing rebate and have helped those clients recover thousands of dollars paid in GST/HST. If you feel that you meet the requirements of the GST/HST Credit then please contact SRJCA immediately to have a tax professional file your application as soon as possible.
3) Disability Tax Credit Toronto– The Government of Canada offers a variety of tax benefits to people with disabilities.These benefits are provided under the assumption that people with disabilities will have unavoidable, additional expenses that are not faced by other taxpayers. The Disability Tax Credit (DTC) is intended to act as a fairness measure for people with disabilities and their families. As such, it is designed to help offset the additional expenses associated with having a severe and prolonged impairment in physical or mental functions, which markedly restricted a person’s ability to perform at least one basic activity of daily living. The credit is a great break by the Government of Canada for those people with disabilities. If you know or are affected by someone who is affected by disabilities and feel they are not taking advantage of the disability tax credit then please have them contact SRJCA today to get help in filing this credit on their behalf.
Aside from the aforementioned credits, there are several other Ontario Tax Credits available to individuals. Some Refundable tax credits include the following: Children’s Ontario Tax Credit, Healthy Homes Tax Credit, Ontario Focused Flow Through Share Tax Credit and Political Contribution tax credit just to name a few.
Please contact SRJ Chartered Accountant Toronto now to find out what other Tax Credits in Ontario will be applicable to you and ensure you are getting the most back from the government. We have two GTA offices, downtown Toronto and Mississauga that you can visit. Alternatively, you can also contact us via email at firstname.lastname@example.org or by phone at 647-725-2537.