How to Maximize Your Tax Return

Tax tips for 2015-2016

Things you can use to reduce your taxes:

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Group 1: For students and families  

  • School tuition (part time/ full time)

All your tuition fees can be claimed to reduce your total income.

  • Charitable donation

(15% tax saving) for the first $200, (29% tax saving) for any amount over $200

  • Childcare expense

Such as daycare expenses, boarding school, hockey school or summer camp fees.

Maximum under 7 years old: $7,000 expenses

Maximum between 7-16: $4,000 expenses

  • Medical expenses (Only non-reimbursed medical expenses)
  • Moving expenses

Conditions:

  1. Move inside Canada
  2. New location must be at least 40 kilometers closer to your work
  3. Expenses can be claimed such as van renting cost, storage, legal fees, meals in travel time and real estate commissions if you have to sell your home.
  • Political Contributions

75% of the first $400 and 50% of the next $350 and 33% after that

  • Public transit passes

Only if you have monthly pass or 4 consecutive passes

You can get up to 15% tax credit

  • First Time Home buyer credit

15% of $5000= $750 max credit for your first home to use as principal residence

 

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Group 2: For employees with commission

  • Meals and entertainment expenses

Limited to 50% of the actual amount been paid

  • Accounting and legal expenses
  • Advertising and promotions (such as business cards)
  • Allowable motor vehicle expenses

Parking, Fuel, Maintenance and repairs, insurance, licenses and registrations, depreciation, interest paid on loan, and portion of your lease payments.

  • Supplies include items such as stationery items, stamps, toner, ink cartridges, street maps, and directories. Supplies do not include items such as briefcases or calculators.
  • Computers, cell phones or other equipment (only if you lease them)
  • Office rent (not include home office)
  • Travel fare ( airline, bus and train tickets)

Note: you cannot claim clothes, tools or travel cost from and to your work place.

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Group 3: For businesses

  • Meals and entertainment expenses

Limited to 50% of the actual amount been paid

  • Accounting and legal expenses
  • Advertising and promotions (such as business cards)
  • Allowable motor vehicle expenses

Parking, Fuel, Maintenance and repairs, insurance, licenses and registrations, depreciation, interest paid on loan, and portion of your lease payments.

  • Supplies expenses
  • Travel fare ( airline, bus and train tickets)
  • Computers, cell phones or other equipment ( depreciation expenses)
  • Interest expenses
  • Fines and penalties
  • Home office expenses
  • Professional dues

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Group 4: For property income

  • Advertising expenses
  • Insurance expenses
  • Property tax
  • Legal and accounting fees
  • Maintenance and repairs
  • Management and administration fees
  • Motor Vehicle expenses (some regulations applied)
  • Office expenses (supplies expenses)
  • Travel expenses
  • Utilities
  • Landscaping costs (done on the rental property)
  • Condominium fees

 

If you have any questions, feel free to email on [email protected].

You can book an appointment to file your taxes by testing or calling me on my phone: 647-836-7620