TaxWise Tips

TaxWise Tips

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:

Tip #5 - Special Needs Camps

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

Tip #4 - Mobility Issues

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?

Tip #3 - Vehicle Depreciation

Do you use your vehicle for business purposes?

You may be eligible to depreciate your vehicle by keeping track of:
Total mileage
Business mileage
In addition to claiming your vehicle expenses for any fiscal period!
Reference article from CRA: Allowable motor vehicle expenses

Tip #2 - Medical Travel

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

Tip #1 - Healthy Homes Tax Credit

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!

Contact Information

TaxWise Inc.
200-2520 St. Laurent Blvd.
Ottawa, ON K1H 1B1

Toll free: 1-866-448-2188
Telephone: 613-733-2188
Fax: 613-733-2131
Email: clientservices@taxwise.ca

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