my family total income $43000/-p.a. i hve two kids which 5 year &10 yrs.how can i get maximum refund?

Question

i hve car also. i paid apartment rent $ 8500 p.a

Answer 1

Hello,

Some of this will depend on what province you live in.

Rent paid might result in provincial refundable tax credits, however at your income level it is unlikely, as these credits are geared towards low income individuals.

The children may result in some additional provincial credits, but nothing Federally, unless you are a single parent in which case you can claim one as an "eligible dependant" and receive an additional $7,505 in non-refundable tax credits at the Federal level.

Simply having a car does nothing for you tax wise.

Cheers!

Answer 2

What exactly are you asking? Are you asking how to get the most income tax returned?

There is no single answer. You should visit a tax preparer. Your kids will get you tax credits of $1000 each. Your car and apartment rent don't get you anything.

You can get a bigger refund by purchasing a home instead of renting. Mortgage interest is deductible. Rent is not.