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Tax Tips

Starting in the 2017 tax year, you no longer have to live with a caregiver in order for them to qualify for the caregiver amount. If your income is less than $23,046 and are dependent on your children due to an infirmity, they may be eligible to claim a caregiver amount for you.

Did you just purchase your first home? You are most likely eligible for a $5,000 non-refundable tax credit. 

  • Nursing home expenses
  • Doctors examination for work purposes, sick notes, etc
  • Medical Travel to attend specialist appointments referred to by a physician not provided with a 40km or 80 km radius may be eligible  – restrictions apply.
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If you have moved 40km or more for new employment or to attend school, you likely qualify to deduct moving expenses that have not been reimbursed to you. Deductions can include travel expenses; either the actual receipts for travel, or a CRA (Canada Revenue Agency) travel rate per kilometers and meals, the cost of selling old home as well as purchasing new home, including legal fees, real estate commissions and other incidental costs.

Many people are not aware that you are able to split your Canada Pension Plan. You will need to go to your local Service Canada Center and request to have them split your CPP. This has the potential to considerably reduce your individual taxable income level, increase your age amount and decrease your taxable payable!

Seniors can split up to 50% of eligible pension income with a spouse or common-law partner. For the optimal amount to be transferred, detailed calculations are required to calculate the least overall tax payable.

If you have a Government student loan you can deduct the interest paid on the loan as a non-refundable tax credit. If you are not taxable, the credit can be carried forward to the following year. Interest on student personal lines of credit do not qualify for this deduction.