Warmer weather and dust clouds throughout Merritt indicates it’s nearly spring and that tax season is already here, despite the traditional moans from many of those who are filing.
This year brings several changes, which could increase the tax return for many Nicola Valley residents.
“We usually have a few changes every year that are announced around budget time,” said Kathy Reimer, H&R Block Merritt owner. “They are making changes throughout the year, and then we get a booklet with all the details.”
She said approximately 500 people have brought their taxes to H&R Block in February and between 500 and 1,000 are expected in March.
Senior tax preparer Susan Thompson said the staff have to keep up-to-date throughout the year.
She said the biggest challenge, though, is accommodating last-minute changes from people who are bringing in their taxes.
“People often wait until the end and then submit their taxes in a panic,” she said. “We then have to go back and correct some mistakes. It’s better if people bring their taxes to us in the first place.”
The most notable changes:
? Many students can now include examination fees to the cost of tuition.
? Parents with children 16 years old and younger who are in an art, cultural or recreational development program costing $500 or more can write off the expense. The write-off is similar to the children’s fitness expense that parents were already able to write off.
? An addition was made to the child tax benefit that affects payments to recipients who get married or who become common-law. The benefits are now adjusted on the family net income beginning on the month after the marital status changes. Before, they were adjusted at the end of the year.
? Volunteer firefighters could receive a tax credit of $3,000 if they have committed at least 200 volunteer hours in the previous year.
? Finance Minister Kevin Falcon announced in the 2012-13 B.C. budget last week a tax incentive for first-time buyers of new homes.
The incentive is worth $10,000 until its cutoff on March 31, 2013.
