BC Early Childhood Tax Benefit

The BC Early Childhood Tax Benefit will begin April 2015.  This benefit is available to BC Residents with children under the age of six.  Families with a combined net income of $0 to $100,000 will receive the full benefit of $660/year for each child under the age of six.  Families with a combined net income between $100,000 and $150,000 will be eligible for a partial benefit.  In order to receive this benefit, you must file a 2013 tax return, even if you have no income, and apply for the Canada Child Tax Benefit.

Return to PST

If you need to register for PST, now is the time to do it. You can register at the link on the right. Not sure if you need to register? See the information on the website. Unlike GST, there is no threshold below which you do not need to register – PST is chargeable on the first dollar of taxable sales.

Examination fees

Examination fees over $100 paid to a university, college or professional association are now eligible for the tuition amount.

Volunteer Firefighter Tax Credit

Volunteer firefighters with over 200 hours of service in the tax year may choose between the existing $1,000 income exemption, and the new tax credit of 15% of $3,000.  Your tax professional is able to help you determine which is most beneficial.  In order to claim this credit, a letter from the fire chief or delegated official is required, certifying hours of service. This tax credit is of particular interest in Lantzville, where we have a large and dedicated team of volunteer firefighters.

Children’s Arts Tax Credit

Similar to the Children’s Fitness Tax Credit introduced in 2007, with this credit you can claim the fees paid relating to the cost of registration or membership of children under the age of 16 in a prescribed program of artistic, cultural, recreational or development activity, such as music lessons, dance, scouting, math tutoring, etc.