Medical expenses are one of the most overlooked tax breaks. You may be able to claim a non-refundable tax credit for medical expenses, which will help reduce your federal tax. This applies to individuals not being reimbursed through health plans or amounts not covered by an existing health plan. This would include expenses paid for yourself, your spouse, common-law partner or dependants. It is best to make sure you are claiming eligible medical expenses before filing your return.
Student loan interest can be claimed as a non-refundable tax credit. There is a catch though, and that is you can only claim interest paid on federal and provincial government loans.
Children’s activity expenses can also be claimed as a tax credit. This credit helps parents with the cost to register their children in organized activities.
Public transit passes can be claimed for yourself, your spouse or dependent children up to 19 years of age. To be eligible, a public transit pass must be valid for at least one month for travel on public transit. This includes travel on buses, streetcars, subways, trains, or ferries.
Moving expenses may be eligible for a deduction if the new home is at least 40 kilometers closer to your new place of work than your prior location. These expenses can include all movers, in transit storage, packing, and insurance. Vehicle expenses, meals, and accommodations for you and your family members are all eligible.
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A good accountant is an invaluable resource. MSH Accounting CPA can provide a wealth of knowledge and can help you make sense of your numbers. Contact Mark to get started on the right accounting path.