Counting the various provincial credits, there are more than 400 different tax deductions available to Canadians. While there may be no crying over spilled milk, when it comes to your tax return, missing a credit or deduction might bring a tear to your eye. See if you’re eligible for any of these commonly missed tax deductions.
Medical Expenses
Even if you’ve claimed your prescriptions and dental bills, you may not have realized that other medical expenses are tax-deductible.
Commonly overlooked medical expenses include:
- Private medical insurance premiums.
- Tutoring for children with disabilities.
- Home renovations that improve mobility or access.
- Travel expenses to seek medical treatment (over 40 km one-way)
- Prescription contact lens or glasses.
- Dentures and dental implants.
Credits for Other Family Members
The word “dependant” doesn’t include just children. If you’re supporting a dependant other than your spouse and minor kids, you could be missing out on tax relief.
You may be eligible to claim:
- Medical expenses for other dependants,
- The Canada Caregiver Amount,
- The Home Accessibility Tax Credit
The “Did You Know?” List
- Did you know that if you relocated more than 40 km for work, you may be eligible to claim your moving expenses? Eligible expenses include travel costs, fees for replacing your driver’s license, and utility hook-ups.
- Childcare expenses aren’t limited to just daycares and in-home providers. Did you know that your child’s summer camp fees might be deductible too?
- If you’re disabled, you may have purchased a more accessible home last year. If you have a valid Disability Tax Certificate on file with CRA, you may be eligible to claim the home buyers’ amount – even if you’re not a first-time Special rules apply for taxpayers who are eligible for the disability amount.
If you noticed that you did not claim any of these credits that you may have been entitled to in the past year’s you can always amend your tax return. Please review this link from TurboTax to assist. We’re always here to help.
