Every year, Canadians leave money on the table simply because they don\’t know which deductions and credits they qualify for. Here are ten of the most commonly missed ones we see when reviewing new clients\’ prior returns.
1. Moving Expenses
If you moved at least 40km closer to a new job or school, many of your moving costs — including travel, temporary lodging, and storage — may be deductible.
2. Medical Expenses
Prescription costs, dental work, and even travel to receive medical care can often be claimed once they exceed a percentage of your net income.
3. Home Office Expenses
If you\’re self-employed or worked from home regularly, a portion of your rent, utilities, and internet may be deductible. See our full guide on the home office deduction for the details.
4. Union and Professional Dues
Dues paid to a union or professional association are generally fully deductible and are often missed because they\’re not always reported on a T4.
Not sure which of these apply to you? Book a free consultation and we\’ll review your situation line by line.