5 things you need to know about your 2014 tax return

Global News

WATCH ABOVE: Heather Loney has the details on what you need to know about your 2014 tax return.

Depending on your income and circumstances, recent changes to Canada’s tax system could provide you a bit of a break at tax time.

“Always do your research, there are always changes,” said Caroline Battista, senior tax analyst at H&R Block Canada. “Some years the changes are bigger than others, but there’s always changes. Make sure you’re getting back as much as you can.”

READ MORE: Filing your tax return? Don’t forget these credits, deductions

Here’s what’s new for the 2014 tax year:

1. Family Tax Cut

A new Family Tax Cut (FTC) was introduced in October 2014. It’s a non-refundable tax credit for eligible couples with children under 18.

Often referred to as income-splitting, the FTC allows a spouse or common-law partner to receive a credit (up to $2,000) based on the tax they…

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