By Jensen, Randy on July 18, 2020.
Thanks to the Canada Revenue Agency, it pays to get an online subscription to publications like The Lethbridge Herald.
Last year the CRA established a new rare tax credit for Canadian taxpayers, a tax break intended to provide incentive for taxpayers to follow Canadian media. If you have any paid digital news subscriptions, the credit can save you money on your taxes.
The digital news subscription tax credit is a 15 per cent non-refundable tax credit for amounts paid by individuals to a qualified Canadian journalism organization for qualifying subscription expenses after 2019 and before 2025.
The digital news tax credit can be applied up to $500 worth of subscription fees which would result in a tax savings up to $75.