Tax Tip 5

Trying to lower your tax burden can be very taxing! I have compiled the following list of what makes up the most ‘missed’ deductions because individuals don’t think of telling their tax preparers or do not realize that these can sometimes be tax write-offs:

• Did you make any payments to a union or professional organization?
• Did you make any payments for childcare or day-camp and you have receipts?
• Did you move and change employment or are now self-employed?
• Did you pay for a safety deposit box at a bank?
• Did you pay interest on a loan taken out for investment purposes?
• Did you pay for investment management?
• Did you use your vehicle to travel for your work (to and from work does not count)?
• Did you have an office at home that you use for your work?
• Did you pay legal fees to enforce payment of child support?
• Did you pay legal fees to enforce payment of wages?
• Did you receive an allowance from your employer for auto expenses?
• Are you single and did you support a dependant?
• Are you or your spouse/partner disabled?
• Are any of your dependants disabled?
• Does a relative or your spouse’s relative who is 65 or older reside with you?
• Did you pay interest on your student loan?
• Did you or your spouse/partner or dependents pay tuition fees?
• Did you have any medical expenses?
• Did you make payments to a health plan at work or privately?
• Did you make any donations to a registered charity?
• Did you make any donations to a registered political party?
• Did you make any contributions to a labor sponsored funds?
• Did you have any self-employed income?
• Did you hire an assistant?
• Did you pay for supplies used in your work?
• Were you paid in part by commissions?
• Did you take public transportation (train, bus, trolley, etc.) to get to work or school?
• Did you enroll your children (under the age of 16) in sports? If you answered YES to any of these, talk to your tax preparer about it! Depending on certain requirements, you might just save a few dollars!

For more tax tips and tax related frequently asked questions, visit my website at www.sauvetaxservices.ca