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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