Top Missed Personal Deductions
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My name is Jocelyn Ruston, I am the owner and operator of Cover Your Assets Books and Taxes in Sexsmith Alberta. We are a family-owned and operated bookkeeping and tax preparation firm. While we have clients across Canada, we focus on businesses and individuals in the Grande Prairie Area. Today I wanted to talk about the top missed personal deductions. There are many deductions and credits to claim Federally. There are dozens more to claim Provincially. Many Canadians miss simple deductions and credits that they could claim. These missing deductions could be due to not knowing they can claim those deductions. This could be due to poor information collection for tax preparation Grande Prairie or Tax Preparation budgeting services. Sadly, this could also be due to poor advisement by previous tax preparers. No matter what the rationale is there are many deductions that are missed annually. For normal citizens combined that could equate to millions of dollars every year. Cover Your Assets Books and Taxes strives to ensure our clients have all information about their tax preparation Grande Prairie services and what they qualify for. Below is a list of the most commonly missed deductions.
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- Medical Expenses- This applies to ANY un-reimbursed medical expenses. This includes optical, dental, and prescriptions (receipts are required) - If you traveled more than 40km 1 way to seek medical care then transportation costs are included here - For trips over 80km meals, and accommodation can also be claimed - Extended Health and Dental Premiums - Travel Insurance - Home renovations to increase access or mobility for someone disabled - Full-time attendant care for those with severe or prolonged disabilities
- Union/Professional Dues and Licensing-Any dues paid out of pocket - Some insurance premiums related to specific professions such as malpractice insurance - Licensing exams may also qualify under tuition expenses. This also can include any licensing dues required to maintain certification.
- Moving Expenses-This is if you are relocating FOR WORK. You must have moved 40km closer or more to the new job. The following expenses could be claimed IF you KEEP RECEIPTS: - Travel expenses, vehicle expenses, accommodations, and meals for yourself and your family - Fees for address changes on documentation such as your driver's license - Cost of utility hook-up and disconnection at new and old addresses -Title transfer costs of a sold property or home **Moving expense claims are limited to the income earned at the new job. For example: if you only earned $5000 at the new job for the remainder of that year then you can only claim a maximum of $5000 in moving expenses. Any additional moving expenses will have to be claimed the following year if applicable.
- Student Loan Interest- Interest on student loans. Student loan interest can carry forward for up to 5 years
- Childcare Expenses-Dayhomes, Nannies, Babysitters, Summer Camps, and Overnight Camps can be claimed as Childcare Expenses. You need to have receipts or proof of payment if receipts are not provided.
- Employment Expenses-Home Office Costs if you work remotelyTradesman tools in some cases Electronics leasing, internet (commissioned salesperson) To claim some of these you must obtain a T2200 Form. Your employer will fill out this form which outlines which expenses you can claim and any reimbursements received.
- Charitable Donations-Any registered charity will give you a receipt when you donate. Any donation receipt must be kept to be claimed.
- Tutoring Services-Tutoring services for learning disabilities can also be a credit or deduction. To claim this deduction, a doctor's note is typically required. The note would state the nature of the learning disability. It would also state what services are recommended or required for the person with the disability.
- Home Buyers Amount-If you recently bought a home (and you haven't lived in a home owned by you or your spouse in the last 4 years). You may be able to claim the home buyer's amount. This credit allows you to claim $5000 for the purchase of an eligible home.
- Credits for Family members (DEPENDENTS)-This applies to family members who are dependant upon you for their care. If you are responsible for caring for a family member other than your spouse or minor children, then this is a deduction you need to look into. This can also include medical expenses for this family member if applicable.
- Disability Tax Credit- Believe it or not, a lot of people don't claim this credit even though they qualify. Why? Some don't know that they qualify for it. There is a long list of conditions that are covered under this credit. Some of the conditions that qualify tend to be overlooked are the following: (** Note your doctor must fill out forms that qualify you or your family member for the disability tax credit): - Children with ADD, ADHD - Asperger's Syndrome - Anxiety Disorders - Autism - Bipolar Disorder - Diabetes (type 1 and 2) - Epilepsy - Learning Disabilities - Manic Depression - There is a VERY long list. If you are unsure please ask or talk to your doctor. It is always best practice to retain receipts and documentation for tax time. If you are reading this and realizing you are missing valuable tax credits, keep your receipts. IF possible see if you can obtain receipt copies to put aside for tax time. If you can not obtain copies of your receipts this year....be vigilant and keep those receipts for next year.
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