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Deductions and Tax Credits

When gathering receipts together for your tax return you may want to refer to this list of common deductions and tax credits that can sometimes be overlooked.

1. Sources of Income

These are receipts that will be issued to you by an agency (ie an insurance company, a bank, an employer or pension provider) and will be included in your total income on your tax return.

  • Statement of Trust Income (T3)
  • Statement of Renumeration Paid (T4)
  • Statement of Pension, Retirement, Annuity and other income (T4A)
  • Statement of Employment Insurance Benefits and Other Benefits  (T4E)
  • Investment Income (T5)
  • T5007, T5013
  • Universal Child Care Benefit (RC62)

2. Deductible receipts

These receipts are amounts that could be deducted directly from your income to help determine your taxable income.

  • Carrying charges
  • Child Care Deduction
  • Moving expenses (yourself, your spouse, or when children move to university or college)
  • RRSP contributions
  • Self-employment expenses
  • Union dues
  • Vehicle expenses as a condition of employment (T2200 required)

3. Tax Credits

Non-refundable tax credits are just that. If you cannot use them you generally lose them (medical and charitables can be carried forward).

  • Canada Employment Credit
  • Charitable donations
  • Child tax credit (up to age 16)
  • Disability Tax Credit
  • Medical expenses
  • Pension Income Credit
  • Political party donations

4. Capital Gains/Losses

You could be eligble to deduct capital losses.