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5 Purchases You Didn't Know Were Tax Deductible 

Rebecca C Penner Accountant

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 Contact Rebecca today for a free consultation:  https://rcpenner.com/contact

 

Did you know that there are several purchases you can make throughout the year that are tax deductible? Here's a list of five common ones!

 

As a Canadian taxpayer, you may be eligible to deduct some of your expenses on your income tax return. This includes certain purchases that you might not have expected to be tax deductible.

 

Here are five items you may be able to claim:

 

1. Vehicle Expenses – You may be able to deduct certain vehicle-related expenses if you use your vehicle for business purposes. This could include things like fuel, maintenance, and insurance. *Please note: this deduction is in very specific situations where your employer requires you to do it and provide a T2200.

 

2. Union or Membership Dues – You may be able to deduct your dues on your tax return. Your accountant will require receipts.

 

3. Child Care Costs – If you have children, you may be able to deduct childcare expenses on your taxes.

 

4. Home Office Expenses – If you work from home and use part of your home for business purposes, you can deduct certain expenses on your taxes. This could include things like a portion of your mortgage or rent, electricity, and heating costs. *Please note: this deduction is in very specific situations where your employer requires you to do it and provide a T2200.

 

5. Moving Expenses – This deduction is for people who are required to move more than 40 km’s for work purposes. Click the link to see other deductions that may apply to you https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses.html

 

If you're wondering what other types of expenses you can claim on your tax return, don't worry! We've got you covered.

Rebecca C. Penner is a Chartered Professional Accountant with over 15 years of experience in income tax and accounting.

Contact Rebecca today for a free consultation to learn more about the deductions that may be available to you  https://rcpenner.com/contact

Thanks for reading, and we hope this information helps you save money on your taxes next year!

Thank you for taking the time read my blog.

Sincerely,

Rebecca C Penner CPA, CGA

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