Canadians should watch for any letters sent from the CRA notifying them that their government benefits are being reviewed this year as the Canada Revenue Agency (CRA) has announced that it will review the benefits for around 200,000 Canadian residents in 2024.
Per the official CRA website, the federal agency says that it sends roughly 200,000 such letters yearly to Canadians whose information requires any updating or residents who may be receiving credits and benefits to which they are not entitled.
Tax season doesn't always need to be completely overwhelming. In addition to contributing to your RRSPs or TFSAs, there are many other expenses that you can deduct from your taxes this year along with credits that could even score you some pretty sweet cash in return.
Filing taxes in Canada can be complicated and it can sting to watch some of your hard-earned cash fly out of your bank account. The good news is that there are expenses you can deduct from your taxes this year - and even credits that will get you some cash! Here are six of the most common tax expenses and credits.