As you pull out the shoebox/accordion folder/drawer full of receipts and get ready to work on your personal tax return, there are a number of credits and deductions that everyone should be considering on their personal tax return.
For example, if you are self employed and use your vehicle for meetings with potential or current clients, the CRA allows you to claim a portion of your vehicle expenses under your self-employment expenses.
Have you had to work at home due to Covid? If yes, there are a number of home office expenses you can claim as a salaried employee.
Do you and your significant other have medical expenses? If so, the spouse that will receive a greater benefit from the deductions can claim all or a portion of them on their tax return.
These are just a few examples that you, as a personal tax payer should be considering when preparing for tax return time.
If you’re one that likes to save money on taxes, give us a call and we would be happy to help!