There is a new non-refundable tax credit that will be available on the 2020 to 2024 income tax returns.
If you like to read the news on your computer, tablet or smartphone, and pay to do so, you can get 15% of the subscription fee back (up to a maximum of $75 or 15% of $500).
If you pay for digital new subscription(s), of a qualified Canadian Journalism organization, primarily engaged in the production of original written news content (and not engaged in broadcasting), you can claim the credit for expenses paid after 2019.
Only the individual who is listed on the subscription can claim the credit; if you are listed with a spouse or partner, you can claim the full credit or split it.
The tax savings of 15% will likely not help you get rich, but as we always say, “every little bit helps”.
Let us worry about your taxes this year, so you don’t have to!
Call us at (403)703-7176 or email Sharon@CalgarysChoiceTaxServices.com