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.

2 comments on “Look to the little things for tax efficiency

  1. A full list of what qualifies as a medical expense or moving expense is available on Canada Revenue Agency's website. http://www.cra.gc.ca. You dont have to be a 2-income family to write off afterschool programs and activities and summer camps (even preschool) that double for child care. (but not school fees). However, safety deposit box rental is only a deduction if you have investment income (the assumption that that you keep important papers in this regard in your box.)
    the best way to know is to take some time to do your homework on CRAs website or consult a reputable tax preparer. Moneysense, please please please be clearer in this because we get so many people who get upset because they "heard" they can deduct something only to be told my the tax preparer "im sorry but you cant".


  2. And for all these expenses, receipts are essential. Thanx.


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