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You are here: Home / Articles / Don’t Forget To Claim These 4 Often-Missed Canadian Tax Deductions

Don’t Forget To Claim These 4 Often-Missed Canadian Tax Deductions

February 20, 2015 by Kathryn 72 Comments

Tax time is in full swing here in Canada, and that means that it’s time to organize paperwork and start filling out forms to ensure the maximum possible refund, or the minimum possible payment! This year I’ll be using TurboTax to help me file online and I’m so excited to finally see for myself how quick and easy filing online can be. Since TurboTax offers both an accurate calculations guarantee and a maximum refund guarantee, I know that there’s no risk of having to pay a penalty or miss out on potential savings.

If you’re starting to organize your paperwork for tax time, there are a few often-missed Canadian tax deductions that you should make sure to consider as well. After all, even small amounts saved can help lower the impact of tax season…or make that refund cheque even bigger! These four tax deductions are among the top ones missed by Canadians when filing taxes:

4 easily missed canadian tax credits

Medical Expenses

Since Canada provides basic healthcare coverage to its citizens, medical expenses aren’t something often claimed by families. But other out-of-pocket medical expenses can really add up during the year. Dental appointments, medical prescriptions and travel medical insurance can all be claimed as medical expenses. So can hearing aid batteries, healthcare premiums paid to an employer’s healthcare plan and travel expenses incurred to obtain medical services.

Charitable Donations

Most people know that donations to registered Canadian charities can be claimed as a non-refundable tax credit. But many people don’t take the time to maximize the benefits of that tax credit. For example, spouses can combine their donations to take advantage of the higher tax credit rate. Previous donations that aren’t needed in lower income years can also be carried forward to future years to maximize the benefits of the credit. A little planning can result in much bigger savings when claiming charitable donations.

Eligible Dependant Credit

Whether you have an elderly parent living with you or you’re a single parent supporting your children, the Eligible Dependant Credit provides a significant tax credit benefit. Just as with the spousal tax credit, any income the eligible dependant earns is deducted from the amount of this credit. In the case of a retired parent or a child, the savings are still usually very significant. Note that a single parent with more than one child can only claim the eligible dependant credit once.

Self Employment Expenses

There are plenty of business expenses for a self-employed individual and finding the maximum amount of deductions just makes sense for anyone that’s running their own business. If you work out of your home, make sure to claim the appropriate portion of your house expenses as a business deduction. A percentage of your mortgage interest, property tax and utilities can all be claimed. Vehicle expenses can also be claimed when travelling for work. Office supplies, advertising expenses, memberships, salaries and meals are all partially or fully deductible as well.

married woman typing

I have to admit that last year, when I filed on paper the old-fashioned way, I missed a very important deduction. As a single parent, I was entitled to claim one of my children as an eligible dependant; a much higher tax deduction than the child deduction I claimed instead. What irks most is knowing that TurboTax would have caught that mistake when I filed and saved me money when the time came to pay! At least I won’t have to worry about the same thing happening this year.

turbotax laptop

For more great tax tips and information, make sure to check out the TurboTax blog. And if you want to see for yourself how quick and easy it is to file with TurboTax, head over to the website and try it risk-free! You can prepare your entire return online, then pay at the end when you’re satisfied with the results and ready to file. A simple return is often completed in as little as thirty minutes! Grab your receipts and tax paperwork, pour yourself a cup of coffee and get ready to tackle your tax return this year. With free live advice and an easy-to-use format, it’s enough to make you say goodbye to filing on paper forever!

mommy kat and kids rp2

Filed Under: Articles, Money Tagged With: canada income tax, canada tax, canada tax deductions, charitable donations, cra, credits, deductions, easily missed tax deductions, eligible dependent, file taxes, file taxes online, filing income tax, forgotten tax credits, forgotten tax deductions, home business, income tax, income tax tips, medical expenses, online filing, self employment, self employment deductions, tax, tax credits, tax deductions, tax tips, taxes, turbotax, turbotax filing, turbotax home, turbotax online, turbotax tips

Comments

  1. Suzie M says

    February 20, 2015 at 2:11 pm

    I always take advantage of the charitable donations deductuion

    Reply
  2. Sandra S says

    February 20, 2015 at 2:35 pm

    I make sure to take advantage of the Self Employment Expenses

    Reply
  3. HeleneP says

    February 20, 2015 at 3:51 pm

    I did some self-employed work this year so the expense deductions are something I would definitely need help with! Thanks for the chance to win!

    Reply
  4. Dayna Wilson says

    February 20, 2015 at 5:04 pm

    Medical expenses. I have hypothyroidism and a permanent prescription…it’s prety cheap, but every penny back helps!

    Reply
  5. Jennifer P. says

    February 20, 2015 at 5:41 pm

    For me it will be the Charitable Donations!

    Reply
  6. Jenness M says

    February 20, 2015 at 5:52 pm

    I charitable donation deduction will come in handy this year.

    Reply
  7. heidi c. says

    February 20, 2015 at 6:10 pm

    Charitable donations will definitely be helpful this year.

    Reply
  8. Barb W says

    February 20, 2015 at 6:31 pm

    We’ll be claiming charitable donations!

    Reply
  9. Jodi Mitrovic says

    February 20, 2015 at 7:01 pm

    The medical expenses will come in handy for me this year. Our company just began charging a healthcare premium. Good to know! Thank-you!

    Reply
  10. Lee-Ann S says

    February 20, 2015 at 7:01 pm

    Charitable donations!

    Reply
  11. Debbie F says

    February 20, 2015 at 11:19 pm

    Medical expenses

    Reply
  12. Michelle k says

    February 21, 2015 at 5:28 am

    For me the main one is the eligible dependent credit but the medical expenses and charitable contributions will also be claimed.

    Reply
  13. Rosanne Robinson says

    February 21, 2015 at 7:14 am

    We will be claiming the Medical expenses & Charitable contributions

    Reply
  14. Victoria Ess says

    February 21, 2015 at 7:29 am

    Medical expenses and charitable contributions will be something I will deduct.

    Reply
  15. Lori JB says

    February 21, 2015 at 8:04 am

    I benefit from all four of these tax deductions! I have been using Turbo Tax for the past 4 years and love it. I do tax returns for other people as well and I feel confident that I am not missing anything for them when using Turbo Tax.

    Reply
  16. melissa m says

    February 21, 2015 at 8:19 am

    Charitable donations is on e i will remember to do this year!

    Reply
  17. Sherry K says

    February 21, 2015 at 8:44 am

    The Eligible Dependant deduction is one I will use.

    Reply
  18. Melanie B says

    February 21, 2015 at 9:11 am

    Medical expenses!

    Reply
  19. Brenda Lacourciere says

    February 21, 2015 at 9:49 am

    I find Charitable Donations will be useful for us this year.

    Reply
  20. nicolthepickle says

    February 21, 2015 at 10:14 am

    The Charitable Donations Credit. I did know about it already though. 🙂

    Reply
  21. Josie says

    February 21, 2015 at 10:15 am

    Charitable donations

    Reply
  22. Stephanie LaPlante says

    February 21, 2015 at 11:10 am

    Most definitely Medical Expenses.

    Reply
  23. kristine ewald says

    February 21, 2015 at 12:20 pm

    charitable donations

    Reply
  24. Susan P. says

    February 21, 2015 at 3:14 pm

    Medical Expenses are a deduction that we must use – thanks!

    Reply
  25. Chandra Christine O'Connor says

    February 21, 2015 at 4:26 pm

    charitable donations

    Reply
  26. holly o'gorman says

    February 21, 2015 at 4:53 pm

    Self employment expenses as well as the Eligible Dependent Credit.

    Reply
  27. Andrew P says

    February 21, 2015 at 10:04 pm

    Charitable Donations

    Reply
  28. isha says

    February 22, 2015 at 1:50 am

    chariitable donations, self employment and medical expenses

    Reply
  29. Maggie C says

    February 22, 2015 at 9:03 am

    I never knew about the “Medical Expenses” one especially where I pay for travel insurance! Thank you!

    Reply
  30. Stacy Scott says

    February 22, 2015 at 9:27 am

    charitable donations deductuion

    Reply
  31. Sara Lima says

    February 22, 2015 at 4:03 pm

    Medical expenses for sure, I never remember to claim those.

    Reply
  32. andrea amy says

    February 22, 2015 at 4:12 pm

    the eligible dependent 🙂

    Reply
  33. Sarah Stickney says

    February 22, 2015 at 5:52 pm

    the medical expenses one is good to know

    Reply
  34. Debbie W says

    February 22, 2015 at 7:03 pm

    Hubby would benefit from the self employment

    Reply
  35. Lesley e says

    February 22, 2015 at 9:54 pm

    The medical expenses- that’s really handy to know!

    Reply
  36. Elaine Buonsante says

    February 22, 2015 at 11:04 pm

    I pay medical premiums myself and I wonder if they are deductible.

    Reply
  37. Amy C says

    February 23, 2015 at 12:27 am

    The Medical Expenses one

    Reply
  38. Sandy Klocinski says

    February 23, 2015 at 8:43 am

    Actually, none of them benefits me. We are retired and most of our income comes from social security so we wind up not paying taxes even using the standard deduction

    Reply
  39. sandra says

    February 23, 2015 at 9:29 am

    the charitable deduction.

    Reply
  40. SCOTT H says

    February 23, 2015 at 11:58 am

    Charitable deduction

    Reply
  41. leanne says

    February 23, 2015 at 1:26 pm

    The Self Employment Expenses might help me.

    Reply
  42. Kim says

    February 23, 2015 at 3:10 pm

    The medical expenses is one that I used to overlook…not any more! With 3 kids it can make quite a difference!

    Reply
  43. Athena says

    February 23, 2015 at 7:24 pm

    charitable donations

    Reply
  44. aarone mawdsley says

    February 24, 2015 at 12:32 am

    medical expenses and educational expenses would help me out a great deal.

    Reply
  45. Kristen says

    February 24, 2015 at 9:15 am

    Charitable donations. All the rest too!

    Reply
  46. rebecca g says

    February 24, 2015 at 7:25 pm

    Eligible Dependant Credit. I am a new mom, so this would really come in handy

    Reply
  47. Nicole Jubleew says

    February 24, 2015 at 11:31 pm

    The medical deductions will come in handy this year.

    Reply
  48. Florence C says

    February 25, 2015 at 4:00 pm

    The medical deductions and the charitable donations.

    Reply
  49. Erika says

    February 25, 2015 at 8:16 pm

    Medical expenses!

    Reply
  50. Marlene V. (Enelram) says

    February 25, 2015 at 11:06 pm

    Medical Expenses

    Reply
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