It is easy to overlook some of the ways you can reduce your tax liability. Tax rules are many and complicated. Some of the most overlooked items that may reduce your taxes are:
Premiums paid for Private Health Insurance Check your paystub or talk to HR to find out what amount, if any, you contribute toward your health plan.
Legal Fees On separation or divorce, the portion of legal fees incurred to establish, enforce, or defend amounts for spousal or child support are deductible. This only applies to the spouse receiving payments.
Property Taxes/Rent Paid for the Year Based on your family’s net income you may qualify for a provincial credit.
Childcare Expenses If you are paying a neighbour or student to watch your children after school, or on PA days while you work, include the amounts paid and their name and social insurance number.
Tuition transfers The student’s tax return must be completed first, and they have to authorize amounts to be transferred on their return.
Students There are many benefits for students to file a tax return. At 16 they may qualify for a provincial sales tax credit. They will accumulate RRSP room, and once they turn 19 they also qualify for the GST tax credit.
Moving expenses If the move is within Canada and at least 40 kilometres closer to place of employment you may claim certain amounts, against income earned from employment. Students, who move to attend university, or move away from university for employment purposes when studies are completed, may claim certain amounts as well, against income earned from a full-or part-time job (including a summer job).
Disability Tax Credit Talk to us to find out about how to determine whether you, or someone you care for, qualify.
Caregiver/Infirm Dependant Credit If you are supporting a child, grandchild (17 or older) or parent, including in-laws, (65 or older) you may qualify for this credit.
Talk to us about your personal situation, and get the credits and deductions available to you.