How to Know If You're Eligible?

Filing your taxes isn't just about reporting your income — it's your opportunity to claim valuable credits and deductions that could put real money back into your pocket! But how do you know what you’re eligible for? Whether you're a student, renter, self-employed, low-income worker, or supporting a family, there are likely benefits you’re entitled to — and many of the most valuable ones are often missed. Let’s make sure you’re not leaving anything behind this tax season!

When should you file your tax return?

📅 Tax Filing Deadline Alert: April 30, 2025

Time is ticking! The deadline to file your 2024 income tax return is April 30, 2025. For self-employed individuals (or their spouses), the filing deadline extends to June 15, 2025, but any taxes owed are still due by April 30 to avoid interest charges. ​

At TiKi Tax, we're more than just a tax filing service. We offer:

• Tax-Saving Strategies: Identify deductions and credits you might be missing.

• Personalized Tax Advice: Tailored guidance based on your unique financial situation.

• Future Tax Planning: Plan ahead to optimize your finances for the coming years.​

How Do You Know What You Can Claim?

You can figure it out by checking:

• Your situation (e.g., renter, self-employed, low income, student, etc.)

• Your documents/slips (T4, T5, RRSP, receipts)

• CRA's checklists or tax software (they often auto-prompt eligible credits)

Let’s go through a master list of common credits/deductions, including some that often get missed, like the BC renter’s credit and Canada Workers Benefit (CWB).

Extra Deductions & Credits People Often Miss

Federal Programs (Apply on T1 Return):

Credit Eligibility Documents Needed

Canada Workers Benefit (CWB) Low-income workers over 19 Tax software auto-calculates

Home Office Expenses Worked from home during the year T2200 or simplified method

Tradesperson Tools Deduction Tradespeople buying tools for work Receipts, T777

Apprenticeship Tool Deduction Registered apprentices Receipts

Moving Expenses Moved 40km+ closer to work/school Receipts, employer letter

Northern Residents Deduction Lived in northern remote zone Proof of residency

Student Loan Interest Paid interest on gov't student loan

Annual statement Digital News Subscription Credit Paid for online Canadian news Receipts

Volunteer Firefighter / Search & Rescue Credit 200+ hours of service Letter from organization

Home Accessibility Expenses Seniors/disabled people making home safer Renovation receipts

BC Provincial Credits:

BC Credit Eligibility Notes

BC Renter’s Tax Credit Renters with income ≤ $63K (phased out at $83K) Apply through CRA T1 (starting 2023), need to report rent paid

BC Climate Action Tax Credit Low/moderate income CRA auto-calculates based on income

BC Sales Tax Credit Low/moderate income CRA auto-calculates

BC Family Benefit Families with kids CRA calculates if you filed taxes and have kids listed

BC Training & Education Credit Ended in 2019 (no longer active)

How to Know If You're Eligible?

Ask yourself:

• Did I pay rent in BC? (Renter’s Credit)

• Do I earn under $33,000–50,000? (CWB, GST/HST Credit, BC Climate Credit)

• Am I self-employed or have side income? (Business expenses, home office)

• Did I go to school or pay tuition? (Tuition credit, student loan interest)

• Do I support a spouse or dependent? (Spousal credit, caregiver credit)

• Am I a first-time home buyer? (Home Buyers' Amount)

• Am I a senior or person with a disability? (Disability credit, home access)

Credits You Only Get by Applying:

Some credits are automatically calculated (like GST/HST or CWB), but others require specific slips or applications:

• Disability Tax Credit (requires T2201 approval from CRA)

• Medical expenses (you must add receipts manually)

• Rental amounts (you must report manually)

TL;DR Checklist of Often-Missed Credits:

✅ BC Renter’s Credit (if you paid rent in 2023)

✅ CWB (Canada Workers Benefit)

✅ Student loan interest

✅ Tuition credit

✅ Medical expenses (even dental, vision)

✅ Charity donations

✅ Home office or work expenses (T2200)

✅ Disability credit (if approved)

✅ Home buyers' amount

✅ Climate incentive (auto)

✅ Trades/apprentice tools credit

✅ Moving expenses

✅ Support for spouse or dependent

Real-Life Scenarios: How These Credits Apply

To better understand how these credits and deductions can benefit you, let's look at some real-life examples:

Scenario 1: Alex – A Low-Income Worker in Penticton

Profile: Alex is 25 years old, single, and works part-time at a local grocery store in Penticton, earning $22,000 annually.

Applicable Credits:

• Canada Workers Benefit (CWB): As a low-income worker over 19, Alex qualifies for the CWB, which provides a refundable tax credit to supplement earnings.

• BC Climate Action Tax Credit: Given Alex's income level, he is eligible for this credit, which the CRA calculates automatically.

Benefit: These credits can significantly reduce Alex's tax liability and may result in a refund, providing much-needed financial relief.

Scenario 2: Maria – A Self-Employed Graphic Designer Working from Home

Profile: Maria is a freelance graphic designer who operates her business from her home office.

Applicable Deductions:

• Home Office Expenses: Maria can claim a portion of her home expenses (utilities, rent, internet) as business expenses, provided she has a completed T2200 form or uses the simplified method.

• Business Expenses: Costs related to her graphic design business, such as software subscriptions and office supplies, are deductible.

Benefit: By claiming these deductions, Maria lowers her taxable income, resulting in tax savings.

Scenario 3: Liam – A Student with a Government Student Loan

Profile: Liam is a full-time university student who has been paying interest on his government-issued student loan.

Applicable Credit:

• Student Loan Interest: Liam can claim the interest paid on his government student loan, reducing his tax payable.

Benefit: This credit helps Liam manage his finances during his studies by lowering his tax bill.

Scenario 4: The Johnson Family – Renters with Children

Profile: The Johnsons are a family of four renting a home in BC, with a combined income of $55,000.

Applicable Credits:

• BC Renter’s Tax Credit: As renters with income below the threshold, they can claim this credit by reporting their rent paid on the CRA T1 form.

• BC Family Benefit: With children and a moderate income, the Johnsons are eligible for this benefit, which the CRA calculates automatically.

Benefit: These credits provide the Johnson family with additional financial support, easing the burden of living expenses.

Take Action:

✅ Don't leave money on the table!

Go through this list carefully and double-check your documents. If you're unsure, use CRA’s online tools or trusted tax software to prompt you for credits you might otherwise miss. Need help maximizing your refund? Reach out to a tax professional TiKi Tax or book a consultation 236-788-7799 — it's time to claim everything you're entitled to!