As the April 30 tax deadline approaches, Bank of Montreal reminds Canadians to be tax-savvy and take advantage of all eligible tax credits and deductions.

Federal, provincial and territorial governments offer a variety of credits aimed at reducing the amount of taxes Canadians owe.

“When you plan your family’s finances it is important to adopt a tax-smart strategy and educate yourself about some of the lesser-known tax credits that are available to you and your family,” says John Waters, head of tax, estate and trust expertise at BMO Nesbitt Burns.

BMO identifies some often overlooked tax credits and deductions:

> Educational Examinations Tax Credit
Many students who acquire a professional status must pass a licensing exam which would carry an additional expense. Students who paid a qualifying institution to take an examination, in addition to their tuition fees, can generally claim this expense as a tuition tax credit.

> Textbook Tax Credit
Textbooks for post secondary education can cost upwards of $200 per book. Students can claim textbook expenses up to $65 per month of study for full-time and $20 per month of study for part-time students.

> Tradepersons’ Deduction for Tools
Many tradespersons must purchase tools up-front in order to earn employment income. Meeting the criteria for this tax deduction allows a tradesperson to expense up to $500 of the cost of eligible tools – including any GST, provincial sales tax, or HST paid – in their tax return.

> Apprenticeship Job Creation Tax Credit
Businesses that employ an apprentice in a skilled trade are eligible to receive a non-refundable tax credit equal to 10 per cent of the salaries and wages paid to the apprentice (or up to $2,000) in the first two years of an apprenticeship contract (registered with the federal, provincial, or territorial government).

> Children’s Art Tax Credit and Children’s Fitness Tax Credit
Many Canadian children are involved in extracurricular activities. Parents are entitled to claim two tax credits of up to $500 each for each child under the age of 16, to cover expenses related to the cost of a child’s registration or membership in an eligible artistic, cultural, recreational or developmental activity and/or programs that endorse physical activity (such as hockey, dance, soccer, etc).

> Caregiver Tax Credit
Canadian families that are providing in-home care for a dependant adult relative, including an aging parent, or other relative with a physical or mental impairment, may be eligible for a caregiver tax credit provided the dependant’s net income is below certain threshold amounts.