Look to the little things for tax efficiency - MoneySense

Look to the little things for tax efficiency

Take advantage of the small stuff

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When it comes to tax efficiency, there are plenty of crafty ways to keep more of your hard-earned money, without incurring the wrath of the tax man.

You can write off the cost a safety deposit box, for example. Double-income families can also deduct the cost of kids’ after-school lessons and summer camp if those expenses allow the parents to work and earn money.

Moving expenses incurred to take a job elsewhere in Canada are deductible, as are tax preparation fees in some cases.

And don’t forget medical and dental expenses — you can miss out if you don’t you’re your receipts.

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