It’s not surprising that with all the receipts we should gather and collect for tax season, the average Canadian does not know all the possible deductions that they could be taking advantage of. With changes implemented both federally and provincially, you would have to follow several boring bulletins (for some people…. But not us!) from both levels of government just to stay on top of it.
During our research, we have located 17 such deductions that may be overlooked. So, if you choose to file your taxes yourself, or see a seasoned professional, take a minute and make sure you are not missing any of these possible deductions.
Medical Expenses – Line 330 and 331
You would be surprised at the number of eligible medical expenses that are deductible on your taxes. For the full list of expenses that you can receive a non-refundable tax credit for, please refer to the CRA Website. Please remember though, you should have a medical referral to take advantage of most of these expenses.
Here are just a few of the more obscure expenses that we have filed on behalf of our customers:
- Reading services for the blind or someone that has a severe learning disability
- Driveway alterations for someone who has a prolonged mobility impairment
- Supplementary tutoring services
- The incremental increase in cost for acquiring or obtaining gluten-free food products for an individual suffering from celiac disease
- Medical marijuana
- Reasonable costs to train a caregiver
- Travel medical insurance
Union or Professional Dues – Line 212
If you pay your union dues as part of your payroll, then this information is provided with your T4 and very easily entered when filing your taxes. But if you are paying dues for a membership to a professional association to maintain your status, those amounts can also be deducted when you file. Keep in mind that you can also deduct any professional or malpractice liability insurance premiums if they are required for keep your professional status.
Safe Deposit Rental Fee – Line 221
If you are renting a safe-deposit box for storing your bonds, investment, and other savings vehicles, then you can deduct the fee of the rental. If you are using your box for other reasons, like storing valuables, jewelry, or your will, then it’s not a deduction.
Equivalent-To-Spouse Credit – Line 305
If you are single, divorced or separated, and have a dependent, you can and should claim this deduction. It is calculated similarly to the spousal credit, but with some restrictions.
- If the dependent is not a child, he/she must be a Canadian resident
- Only one dependent can be claimed under the equivalent-to-spouse credit
- Only one claimant is entitled to this credit with respect to any dependent
To be eligible, it is not necessary for the dependent to have lived with the taxpayer for the entire year.
Home Buyers Amount – Line 369
If you or your partner have not purchased a home in the last four years, you may be eligible for a $5,000 tax credit that is worth up to $750. If you qualify, it’s as simple as ticking a box on your return.
There are a number of deductions that you should review, whether it’s your first time filing as an individual, or as a first-time E-Filer. Take the time to get all the receipts from your customers, and ask the questions. It can mean the difference between getting a refund, or paying un-needed funds to Revenue Canada.
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Until the next time,