Vancouver Tax Deductions You Don’t Want to MissBrian Jang ON February 8, 2018
A commonly held view of tax season is that it is unpleasant and stressful. Certainly, that may be the case for some people, especially if they miss deductions to which they are entitled.
With more than 400 tax deductions available to Canadians, there are ample opportunities for you to save, and just as many opportunities to overlook something. Here, then, are some of the most commonly missed tax Vancouver deductions that you may want to look into in order to see if you are eligible.
You are most likely aware that you can claim certain medical expenses. Chances are that you have claimed prescriptions, and you may also have claimed dental bills. There are other expenses that you should be claiming as well however, including:
- Premiums from private medical insurance
- Prescriptions for glasses or contact lenses
- Dental implants and dentures
- Tutoring for children with disabilities
- Renovations to your home for the purpose of increasing access and/or mobility
- Travel expenses if you have travelled more than 40 km (one way) in order to seek medical treatment
- Full-time attendant care for those with prolonged or severe disabilities
- 50% of the cost of an air-conditioner for those with severe respiratory ailments, to a maximum of $1,000
- Expenses related to driveway alterations that allow access to a vehicle for the mobility-impaired
Credits for Family Members
Typically, when we think of our dependents, we think of our children, but those are not the only dependents that you may be able to claim. If you are providing support for a dependent other than a spouse or your minor children, then you may be overlooking possible Vancouver tax deductions.
You may be able to claim the following:
- Medical expenses for your other dependents
- The Home Accessibility Tax Credit
- The Canada Caregiver Amount
In addition, for the tax years prior to 2017, other credits were available for the care of a family member. CRA allows for the amendment of past returns, so you may wish to verify whether you are eligible for any of the following:
- The Caregiver Amount
- The Family Caregiver Amount
- The Amount for Infirm Dependents
Many people are starting to work from home. If you are among them, you may claim a Vancouver tax deduction on the part of your home that is used to conduct business activities, such as a home office. As a homeowner, you can claim a portion of your property taxes, capital cost allowance, and even mortgage interest. As a renter, you may claim a portion of your monthly rent.
Further, you can include in your deduction a portion of the utilities, insurance, and home maintenance for the area of your house designated for business activities. The amount claimable is a percentage equal to the percentage of your house that is used for business.
Expenses related to your business, such as supplies and travel may also be deductible. Keep in mind that you are not able to use these items to create a loss which would then be deducted against other income sources.
Be sure to review all possible Vancouver tax deductions carefully, as you may be entitled to more than you imagine.
To make sure you don’t miss any Vancouver tax deductions, contact BCJ Group today!
- Easing Your Financial Worries During These Trying Times
- How to Protect Yourself from a CRA Scam
- The COVID-19 Outbreak Will Change Your Tax Return Filing Deadline
- What You Need to Know About the Canada Emergency Response Benefit
- How Selling Your Home Will Affect Your Taxes