As the tax season approaches for the 2025 fiscal year, it’s vital to be aware of various tax credits available for 2026. Claiming these credits can lead to significant savings on your tax returns. Most individuals must submit their income tax returns by April 30, 2025. Meanwhile, self-employed individuals and their spouses have until June 15, 2025, to file without facing penalties.
Top 7 Tax Credits to Claim in 2026
Here are seven tax credits that taxpayers should consider when filing for the 2025 tax year, benefiting them in 2026.
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1. Child Activity Tax Credit
This refundable tax credit is available for families with an income of up to $155,880. It covers physical and artistic activities for eligible children.
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2. Medical Expenses Tax Credit
Individuals should include travel health insurance premiums eligible for this refundable credit. This can apply to those incurring health expenses outside Canada.
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3. Senior Home Support Tax Credit
This refundable credit supports seniors over 70, including low-income taxpayers who do not owe tax. It helps with costs related to staying at home.
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4. Home Buyers’ Tax Credit
New homeowners can claim a non-refundable tax credit of up to $1,400. Eligibility requires the property to have been purchased after December 31, 2023.
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5. Education and Training Tax Credit
This refundable tax credit is available for Canadians aged 26 to 66, covering tuition fees and related expenses for those advancing their careers.
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6. Home Accessibility Tax Credit
This credit offers up to $20,000 for home renovations that improve accessibility for seniors or individuals with disabilities.
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7. Disability Tax Credit (DTC)
The DTC helps those with disabilities reduce their taxable income. For 2025, the maximum claim amount is $10,138, with additional amounts possible for dependents under 18.
Proper documentation and medical certification are essential for several of these credits. Taxpayers should ensure they gather all necessary information to maximize their savings and assist in their tax filing for the upcoming year.
