Look to the little things for tax efficiency - MoneySense

Look to the little things for tax efficiency

Take advantage of the small stuff





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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