If you can answer YES to any of the following questions, make sure you tell your accountant at tax time!
- Did your marital status change this year?
- Did you have or adopt any children this year?
- Do you pay or receive spousal support?
- Did you buy or sell any real estate other than your principal residence?
- Do you have investments other than RRSP and TFSA accounts?
- Did you operate a self-employed business this year? If yes, do you have a home office?
- Do you have a company vehicle that you are allowed to use for personal errands?
- Did you attend college or make payments towards a student loan?
- Did you contribute to or withdraw from your RRSPs this year?
- Did you move more than 40km to start a new job or go to college?
- Do you care for a dependant (child or adult) who is physically or mentally impaired?
- Do you have any foreign income such as a pension from a foreign country?
Of course there are many more credits that are available! Here are the most common ones:
I am a…
- public transit pass holder
- parent of children with daycare, arts, fitness, or summer camp expenses
- volunteer firefighter or search and rescue worker
- first time home buyer
- person who donated money to charitable or political organizations
- first time charitable donator
- person with medical expenses that were not reimbursed (or a portion of)
- person with disabilities
- parent or grandparent of a college student who is transferring their tuition credits to me
- retired person with pension income that can be split with my spouse
Until next time!
-Alicia Loewen, Coastal Tax