The Federal Budget has some tax goodies - if everyone agrees

The 2011 Federal Budget introduced new tax credits which could mean more money for some taxpayers, if the legislation is passed.

Finance Minister Jim Flaherty presented his sixth consecutive budget with a focus on a challenging economy and government deficit. The budget offers a little bit of extra money for some taxpayers but none of it will be law if the minority government falls in the next few months.

Low income seniors would benefit from an enhancement of the Guaranteed Income Supplement (GIS) starting on July 1, 2011. Depending on income, this would provide a maximum top-up benefit of $600 for single seniors and $840 for couples. More than 680,000 seniors could benefit from this extra money.

The Children's Fitness Credit gave parents some credit for active kids and now art programs may be getting a similar treatment. Starting in 2011, if your child is enrolled in artistic, cultural, recreational or development activities including Girl Guides and Scouts, you may be able to claim up to $500 in expenses per child.

Starting in 2012, individuals caring for dependents with a mental or physical infirmity including spouses, common-law partners and minor children, may be able to claim a new non-refundable $2,000 Family Caregiver Tax Credit which means about $300 in tax savings.

Certification examination fees to obtain a professional status or license in a trade would be claimed under the Tuition Tax Credit. If this measure passes, fees paid in 2011 would be eligible.

Finally, for Canadians still looking to get some tax credit on their home renovations, the government may be putting more money into the eco-ENERGY Retrofit program. Though not part of the tax return, it should give some credit to people making their homes more energy efficient.

Submitted to BayToday