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The COVID-19 pandemic has impacted the personal and financial lives of Canadians like few events in history. Widespread job losses and business closures have left many people struggling to pay bills, find work, and save money.
To help households navigate the financial challenges posed by a devasted economy, the Government of Canada has introduced numerous tax benefits. First announced in the 2019 federal budget, the Digital News Subscription Tax Credit (DNSTC) is one such tax break that aims to provide financial relief to Canadians.
Have you received any of the COVID-19 benefits? Find out if your COVID-19 benefit is taxable.
The DNSTC is a non-refundable tax credit offered to individuals who pay for digital news subscriptions to qualified Canadian journalism organizations (QCJO). The credit is valid for subscription expenses paid from 2020 through 2024.
The purpose of the DNTSC is to encourage people to support Canadian digital news media organizations, which face increasingly stiff competition from social media and alternative news websites.
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To be able to claim the DNSTC on your income tax return, you must have paid your digital news subscription to a media organization designated as a QCJO. Only content delivered digitally is eligible for the tax credit; any non-digital content doesn’t qualify. In cases where content is accessible in both print and digital formats, you can only claim the digital portion.
The Canada Revenue Agency (CRA) maintains a list of media organizations formally designated as QCJOs. Each QCJO has a unique designation number. If your subscription is for an organization with a QCJO number, you’re eligible to claim the DNSTC.
If the media organization you’ve subscribed to no longer qualifies as a QCJO, you can still claim the DNTSC as long as you purchased your subscription prior to losing its QCJO status. The CRA requires organizations to inform their subscribers if their subscriptions are no longer eligible for the credit.
Check out these other tax credits you may qualify for.
The maximum DNSTC you’re entitled to is calculated by multiplying 15% (the lowest personal tax rate) by your total qualifying subscription costs during the year up to $500. This translates to an annual tax savings of $75. If you claim the maximum amount each year during the qualifying period (2020 – 2024), your total tax savings amounts to $375. You can choose to split the DNTSC with your spouse or partner, as long as the total amount claimed doesn’t exceed the maximum of $500.
Learn how to file your taxes as a couple.
To claim the DNSTC, follow these steps:
Check out how you can save money through these green tax credits and rebates.
Find out if you have any unclaimed cheques with the CRA.
The DNSTC is not one of the most generous tax credits available, but it can help offset some of the subscription costs paid for avid consumers of digital news media content. The credit is also easy to claim, with no complicated forms to fill out. And with many peoples’ income streams decimated by COVID-19, any extra money saved during tax season is mighty helpful.
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