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Take advantage of all available tax savings

(NC) Understanding the tax credits and deductions available to you will go a long way to save you money, says the Certified General Accountants of Ontario (CGA Ontario). Detailed below is a checklist of 22 key credits and deductions which can help ease your tax burden and maximize your tax return:

• RRSP contributions

• Medical, dental, prescription drugs, nursing home expenses

• Payments to a private health insurance plan

• Charitable donations

• Tuition and/or education fees

• Interest paid on student loans

• Professional dues & insurance, union dues

• Public transit passes

• Children's extracurricular fitness & arts program fees

• Interest on loans assumed to purchase investments

• Professional consultant fees

• Legal fees paid to establish child or spousal support or to enforce a pre-existing agreement

• Legal fees paid to recover wages from your employer

• Details of people you support & their medical status

• Child care receipts

• Non-reimbursed moving expenses (if you moved at least 40 km closer to a new work space location)

• Property taxes or residential rent paid

• Ontario health home renovation costs incurred by those 65 & older

• Political contributions receipts

• Disability tax credit

• Spousal support payments

• Adoption expenses

Resources, such as the Personal Tax Planning Guide published by CGA Ontario, are available within your community – and an income tax check-list is available online at http://www.cga-ontario.org/assets/file/CGAO_Tax-Checklist.pdf.

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