Uncommon Tax Credits That Could Save You Money pt. 1

I don't have the exact numbers but I'm sure each year Canadians overpay MILLIONS of dollars on their taxes simply because they didn't know they could claim certain things to reduce their tax bill.

I can think of much better ways to spend that money and I'm sure you can too.

Here are 10 uncommon tax credits you can use to reduce your tax bill and keep more of your money:

1. Union dues

   
   

2. Fees to be part of a professional board or to have a certification

   
   

3. Student loan interest

   
   

4. Interest paid on an investment loan to try to earn investment income, such as interest and dividends.

   
   

5. Digital news subscription fees paid (up to $500/year) for a digital news subscription with a qualified Canadian journalism organization (QCJO). To qualify, a digital news subscription must give access to digital content that is primarily written news.

   
   

6. Caregiver Amount if you provide regular and consistent help for a family member for some or all of their basic needs who has a physical or mental impairment. This is often claimed by family members caring for an aging parent or grandparent or by family members caring for another family member who has cancer or another chronic disease/condition until they are well again.

   
   

7. Home Renovations for accessibility (as a medical expense) or to create a suite for a family member to move in (as a multigenerational home renovation tax credit (MHRTC).

   
   

8. Advisor fees paid to manage your investments outside of registered accounts (RRSP, TFSA and FHSA) along with fees paid for investment advice.

9. Moving expenses if you moved to work or to run a business at a new location. You can read more about this HERE.

   
   

10. Gluten Free Products if you are diagnosed as Celiac you can claim the price difference between how much you pay for a gluten free item versus its gluten filled counterpart.

FULL FREE LIST OF ALL CREDITS & DEDUCTIONS

Want to know every credit and deduction you can claim?

Get your FULL FREE LIST OF ALL CREDITS & DEDUCTIONS HERE

With this list you're able to easily scan through it and see all the different credits & deductions available and what you may qualify for. 

The line number for each credit & deduction is listed next to it.

For more information about a credit or deduction and to see if you qualify simply enter the line number into the search bar on Canada.ca 

You can then use the line number to know exactly where to put it on a tax return.

Stop wondering if you are missing out on credits & deductions and overpaying on your taxes!

Click HERE to get your FREE COMPLETE LIST OF EVERY 2024 CANADIAN TAX CREDITS & DEDUCTIONS.

Trust me, you want it!

Want my help?

I am currently accepting new clients.

I'd be happy to hop on a complementary, no-obligation Zoom call with you to discuss your tax situation in more detail, answer your questions, and get you a quote for my services.

To book go to the booking calendar and select Personal Tax Filing.