Claim More in 2024: Tax Deductions for Families
Apr 4, 2025
When tax season arrives, knowing your deductions and credits can help maximize your refund. Here’s a quick guide to key tax benefits for individuals and families in Canada.
Personal & Family Deductions
✅ Childcare Expenses – Claim daycare, summer camps, and caregiver costs.
✅ Support Payments – Some spousal and child support may be deductible.
✅ Student Loan Interest – Deduct interest on eligible student loans.
✅ RRSP Contributions – Contribute by March 3, 2025, for tax savings.
✅ Property Taxes & Rent – Homeowners can claim property taxes, and some renters may deduct rent.
Work & Education Deductions
✅ Union Dues & Professional Fees – Reduce taxable income.
✅ Employment Expenses – Claim work-related costs like phone bills and office supplies.
✅ Tuition & Training – Claim tuition fees and the Canada Training Credit.
✅ Moving Expenses – If relocating 40+ km for work or school, deduct eligible costs.
✅ Medical & Charitable Donations – Lower your taxable income.
Home & Investment Tax Benefits
✅ Home Buyers’ Amount – First-time buyers can claim $10,000.
✅ GST/HST Housing Rebate – Refund for substantial home renovations.
✅ Capital Gains & Losses – Offset gains with losses to lower taxes.
✅ RRSP & TFSA Growth – Tax-efficient investment options.
✅ Self-Employed Expenses – Claim home office, travel, and other business costs.
Additional Tax Credits & Benefits
✅ Canada Workers Benefit – Up to $1,590 for singles, $2,739 for families.
✅ GST/HST Credit – Quarterly payments for low- to moderate-income earners.
✅ Canada Child Benefit – Monthly tax-free support for parents.
✅ Multigenerational Home Renovation Credit – Up to $7,500 for home modifications.
✅ Canada Dental Care Plan – Coverage for eligible low-income families and seniors.
Filing & Fixing Errors
File online using NETFILE-compatible tax software. Need to correct an error? Adjust through CRA My Account or submit a request.
Contact us today to receive our tax planning guide!
Disclaimer: This information is for general purposes only. Consult a tax professional before making financial decisions.
