Tax reduction/deduction tips

[actonis]

Dear experience forum members,

I would like here to share information about what things can help us in tax deductions.
I read that If you use public transport you need to keep the receipt and in the end of the year when you fill the tax documents you can claim tax deduction for this amount.

Surely there are many other things that are eligible for tax reduction/deduction .... so hopefully many other forum members will share their knowledge here.

Thanks

 

[Amadan123]

Good post.

Other things are:

• medical expenses for self, spouse, and dependants
• donations
• child care
• RRSP contributions

Madan Chartered Accountant team
madanca.com

 

[arnaud]

Dear experience forum members,

I would like here to share information about what things can help us in tax deductions.
I read that If you use public transport you need to keep the receipt and in the end of the year when you fill the tax documents you can claim tax deduction for this amount.

Surely there are many other things that are eligible for tax reduction/deduction .... so hopefully many other forum members will share their knowledge here.

Thanks

This doesn't work if you only buy one-time transit passes.

From CRA website:

These passes must permit unlimited travel within Canada on:

local buses;
streetcars;
subways;
commuter trains;
commuter buses;
local ferries.

You can also claim the cost of:

Shorter duration passes if:
each pass entitles you to unlimited travel for at least 5 consecutive days; and
you purchase enough of these passes so that you are entitled to unlimited travel for at least 20 days in any 28-day period.

Electronic payment cards if:
the card is used to make at least 32 one-way trips during an uninterrupted period not exceeding 31 days; and
the card is issued by a public transit authority that records and provides a receipt for the cost and usage of the card.