NPI:CC - 3 CRA Benefits Everyone Can Apply for
2023-11-03 16:30:00 ET
These days, the volatile market has created a tough situation for investors. After all, the market is dropping, interest rates are rising, and inflation remains stable. That’s enough to keep cash flowing out, rather than in.
Yet, there’s a pretty surprising place where investors can look for cash, and that’s through the Canada Revenue Agency (CRA). There are CRA benefits that pretty much anyone can claim. Not only that, you can then go on to use the cash to invest in today’s bear market, and get ready for a bull market in the future.
Medical benefits
The first of the CRA benefits that’s potentially the most important are medical benefits. There are some that are likely already known by investors. These would be items that are covered by the federal or provincial government, such as dental care or ambulance services.
However, there is a whole laundry list of medical items that are eligible for benefits or credits from the CRA. These CRA benefits can amount to thousands in savings per year. Do you have a gluten intolerance, for example? You can claim the price difference between your gluten-free option and a regular option. Need a hearing aid? Claim that, too. Have a medical marijuana prescription? Yep, you can claim that!
Just make sure to go over the CRA benefits in the medical field with a fine-tooth comb. There’s bound to be one or two you can claim for yourself, spouse, children or dependent. So don’t waste your money on medical necessities.
Green home solutions
Want to go green in your home, but don’t have the cash to do it? Again, there are CRA benefits that can help with the solution. They range from super small, to absolutely enormous. So again, make sure you’re going through them all.
What’s important to note here, however, is that these vary from province to province, territory to territory. For instance, if you’re in a rural community in Ontario, you may be eligible to more than someone who lives in a big city in Ontario. Plus, make sure you’re applying before starting work on your home to know exactly what you can get.
But what you can get is pretty great. Canadians could be eligible for thousands in grant money to change windows, home insulation, even just a thermostat! You could also get a loan from the government at zero interest if you want to put on an eco-friendly roof or something like that. So look it all over in fine detail!
Drive green, too!
Another of the CRA benefits you could consider is buying a new car! That’s right, the federal government started a program over the last few years to try and get Canadians to buy electric vehicles. It’s part of the country’s zero-emission program and can save you plenty.
There are two incentives Canadians can look for. If they buy battery-electric, hydrogen fuel cell, or longer-range plug-in hybrid vehicles, they can get up to $5,000 for their vehicle. Shorter range plug-in hybrid vehicles are eligible for up to $2,500.
What’s more, this is one of the CRA benefits that will be added directly into the sale! So you won’t have to worry about applying and getting the cash back later. Instead, you can claim it immediately.
Go green and invest
Now that you’ve achieved potentially thousands in savings from these CRA benefits, put that cash to good use. Especially if you had to pay out of pocket, and go on to receive funds back from the government.
I would consider buying green energy stocks that have a strong future but are down in share price. A great option would be Northland Power ( TSX:NPI ), a monthly paying diversified dividend stock. The company is down as high interest rates and inflation hurt its expenses. However, it’s due to recover, and when it does could create major returns.
Meanwhile, you can grab onto a high dividend yield currently at 5.95% as of writing. This is therefore a strong choice for passive income both from returns and dividend income. So make sure to take advantage of these CRA benefits today!
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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
2023