Few tips that will help Canadians and Quebec residents save on their income taxes.
1- Documents to keep during the year.
Our experience shows that many of our dear personal tax clients neglect to consider the following:
– Medical services receipts (xrays, blood tests, in vitro, etc…).
– Dental receipts.
– Prescription drugs receipts (or pharmacy summary report).
– Insurance payments stubs for payments covering medication, dental and others
allowing to claim the uncovered part of those expenses.
– Any document showing your share of your employer’s private health services plan
in case it is not mentioned on your T4 (box 85).
– Bus and public transportation receipts.
– Daycare receipts (ask for the releve 24 and releve 30 in Quebec).
– Physical and artistic activities receipts for children.
– Charity Donations’ official receipts (see official charities listing)
– RRSP contributions receipts for the year 2016 and up to 60 days into the following year 2017.
At Wardcom Accounting, we care and give the time to ask for these receipts, but sometimes it is too late and unfortunately, the client looses some tax credits.
This is what we want you to avoid !
2- Things to think about for 2016.
– If you are 70 years of age and more, you may benefit from a Tax credit for Home-Support services.
– Repaying your HBP withdrawals ?
– Home renovation ? you may qualify for a special Quebec tax credit (Renovert) – see conditions
– Are you a first time home buyer this year ? – see conditions
– Do you have an elderly parent living with you ? is he 70 years old and more ?
– Is your direct deposit information transmitted to the Revenue Agencies ? Mandatory to get the Quebec Solidarity tax credit !
– Are you renting an appartment? ask your landlord about the Relevé 31. If you own your place, look at your City Tax account and note your ” numéro matricule “.
– Foreign income ? see if you should file the T1135 form
– Student loan ? are you paying interest ?
– Are you a person living alone ? see conditions for a special Quebec tax credit.
– Are you a TAXI driver or a TAXI owner ? you may claim a special Quebec tax credit.
These are the most popular Tax savings that apply to most individuals.
See the complete exhaustive list.
If you have other questions or things you are not so sure about, do not hesitate !
Contact us Immediatly !
Johnny Ward, CPA, CGA
(514) 272-8058, ext 1
1525 mazurette, suite 208, Montreal, Quebec, H4N 1G8