These tips will help you claim all the tax credits and deductions you are entitled to on your tax return.
When preparing your return, you may forget to claim certain credits and deductions that would help us a little. Accountant André Boulais, CPA examiner and author of Reduce Your Taxes, an annually updated guide, takes a look at some of the great forgotten ones.
Medical fees
Very often neglected, the medical costs you pay can result in a non-refundable federal and provincial tax credit. “To make it easier for you, ask your pharmacist and dentist for a report on your expenses for the year,” says André Boulais.
In addition to medication, dental costs, contact lens and glasses costs, several others are eligible. For example, those related to medical or paramedical care (nurse, physiotherapist, occupational therapist, etc.), laboratory analysis, radiological examinations, orthopedic aids (crutches, walker, wheelchair, etc.), ambulance transport, etc. Only the part covered by private insurance is eligible was not refunded.
- Listen to the economy part with Michel Girard above QUB :
You can include expenses for your spouse, partner or minor child, as well as your adult dependents.
Don't forget to add the Quebec drug insurance premium (RAMQ) and the health insurance premium you paid to your employer's group insurance. “Please note that the share paid by the employer is only eligible in Quebec, where it is considered a taxable benefit,” explains André Boulais.
Home care costs
If you are 70 years of age or older, you are eligible for this credit, which covers the costs of staying at home and maintaining your independence (personal care, meals, grocery delivery, housekeeping and outdoor maintenance, carport assembly and dismantling, etc.). .). .).
“The application is usually automatic if you live in a retirement home (RPA), but you can also access it if you live in your own apartment. Very often people who live in a condominium also forget that they are entitled to it,” warns André Boulais. In this case, the co-owners' association must submit a form indicating which costs are included in the co-owners' contributions (housekeeping of the common areas, seasonal work, etc.).
If you have carried out work to improve the accessibility of your home (access ramp, wheelchair-accessible bathtubs and showers, etc.), know that you can also apply for a federal credit for this.
Deduction for disabled people
André Boulais points out that this conclusion is often neglected because the concept of disability is misinterpreted. Limited mobility and difficulty walking may suit you.
Loan for the purchase of a first home
If you purchased your first home or condo in 2023, you are eligible for this non-refundable credit, which can be up to about $1,500, including both tiers.
Credit for purchase of tools
If you purchase tools necessary for your job that are not provided by your employer, you are eligible for a credit of $500 to $1,000. This applies to employed tradespeople (chefs, hairdressers, plumbers, construction workers, etc.) or certain apprentices.
School supplies tax credit for teachers and educators
If you are a teacher or early childhood educator and have purchased materials such as books, games, puzzles, educational support software, calculators, construction paper, art materials, etc., you are eligible for this credit, the maximum value of which is $250.
Deduction for moving expenses
If you are moving to be at least 25 miles closer to your post-secondary (full-time) place of study or to take up employment, pursue a profession, or operate a business, you are eligible for a government relocation expense deduction at both levels. Expenses are 100% deductible and include moving expenses, hotel accommodations, costs associated with buying or selling a home, transfer taxes, lease termination costs, etc.
Tuition credit
This non-refundable tax credit applies if you paid tuition at an eligible post-secondary educational institution. It is offered to both levels of government. The student can transfer it to a parent or spouse. Fees for professional examinations, including those paid to a professional association, are also eligible.
At the federal level there is also a training cost credit for people aged 26 to under 66.
OTHER CREDITS THAT SHOULD NOT BE DESIGNED:
• Credit for donations
• Credit for career extension for people aged 60 and over
• Care credit
• Credit for children's activities
• Credit for child care costs
• Credit for adoption fees and fertility treatments
• Digital news subscription cost credit
• Tax credit for upgrading residential wastewater treatment plants