Business / 5 Tax Deductions You Don’t Want to Overlook

5 Tax Deductions You Don’t Want to Overlook

Business Mar 31, 2014

by Anokhi Admin

Tax season is officially underway. But before you file your papers, you might want to make sure you're not missing anything. Here are some some of the most common deductions that often get overlooked.

Saving

There is no shame in using tricks to get you to save money. Try using multiple savings accounts, put your credit card in the freezer and set up automated transfers. Whatever works for you. Think of your next raise as an opportunity to save more, not an opportunity to spend more and remember, the best way to make saving a habit isn’t skipping lattes; it’s keeping your housing and transportation expenses under control.

Credit

Credit cards are both useful and dangerous power tools. Using them frequently makes it more likely that you’ll cut your nose to spite your face, meaning you could easily find yourself in a self-destructive over-reaction to a problem. Using a card to pay off another and hence the domino effect of debt begins.

Check your free annual credit reports for errors. Credit scores are simpler than you think. If you pay your bills on time, you’ll have a good credit score. If you don’t, you won’t.

Employer healthcare premiums

If you pay premiums for your employer healthcare plan, you can claim them as a medical expense. If you purchase a policy to cover medical expenses while you are away, it is considered a medical expense for tax purposes.

Children’s activities

Tutoring qualifies for this credit. And the cost of enrolling your child in certain types of recreational or cultural activities (such as language lessons or Girl Guides) may qualify for the Childrens’ Arts Amount.

File even with no income

There are benefits like the GST/HST benefit that are calculated based on your last tax return filed. Depending on where you live, you may also be eligible for provincial benefits. You do not need income to qualify for these benefits. But not filing means the benefits will not be paid. Both parents have to file in order to receive the CCTB.

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