These useful tips should help you to save money on your taxes.
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Below is a list of the TaxWise Tips provided in our monthly Newsletter:
Have you considered sending your special needs child to a summer camp?
Did you know that the cost of a special needs camp can be used as a child care deduction as well as a medical expense with an approved DTC?
Reference article from CRA: Child Care Expenses
Reference article from CRA: Medical Expenses
Have mobility issues?
Reasonable expenses relating to renovations or alterations to a dwelling to enable a disabled patient:
To gain access to the dwelling
To be mobile or functional within the dwelling
Are eligible to be claimed as a medical expense.
Reference article from CRA: What medical expenses are eligible?
Do you use your vehicle for business purposes?
You may be eligible to depreciate your vehicle by keeping track of:
In addition to claiming your vehicle expenses for any fiscal period!
Reference article from CRA: Allowable motor vehicle expenses
Do you travel out of town for medical appointments?
Trips over 40 km one-way; claim your mileage!
Trips over 80 km one-way; claim your mileage and meals!
Did you forget to keep your receipts? Use the Simplified Method!
Reference article from CRA: Travel expenses
Seniors, be sure to claim your medically related home reno costs under the Healthy Homes tax credit. If we don’t use it, we will lose it!
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We had the Disability Tax Credit, but did not realise that there was so much more that we qualified for! When our son was thirteen someone mentioned to us that we should apply for a disability tax credit. We completed all the paperwork and sent it in to the government with an expectation that our request would be approved.– Barbara & Harvey Bloomfield
I am a mother now to a teenage son who has a behavioral disability [ADD]. My son’s history of diagnosis came about when he was three years old. We migrated to Canada when he was four and the school that he attended reverted to an institution for further evaluation of his behavior. As he grew up, we underwent several psychological assessments, special therapies, school IEP and community programs. On our part as parents, rearing him was quite a struggle as my son in major aspects and appearance is normal but the behavioral and mental maturity is behind.– Mrs. Maria Griselda