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Frequently Unused Tax Credits and Deductions

With the April 30th filing deadline fast approaching and many people in a hurry to meet it, it can be easy to overlook tax credits and deductions that Canadian tax payers may be entitled to. The following is a brief list of a few deductions and credits that are frequently overlooked, the first are moving expenses. Provided the move is at least 40 kilometers closer to one’s job or business moving expenses are eligible for deduction, less commonly known is the fact that moving expenses for one’s children (provided they are full-time students) also can be claimed with the similar restrictions of the move being at least 40 kilometers closer to their school. In the event receipts from the travel are not saved, you may claim meal expenses at $51 per day and vehicle expenses at 43.5-59.0 cents per kilometer of travel depending on the province. Another commonly missed deduction comes from the fact that healthcare premiums unbeknownst to many, can be claimed as healthcare expenses if the total medical expenses for that year exceed $2237 or three percent of one’s income or that of their spouse, whichever is lower. Finally, if you or a loved one have claimed a disability tax credit for the 2016 year but have suffered the disability for years it is possible to seek adjustments on returns from up to 10 years ago.  

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Thursday, 11 August 2022