# 2015 Tax Tips



## gladaki (Feb 23, 2014)

I thought it will be a good idea to share tips here on what can be claim during tax return:
EDITED
Please add or delete anything as I copied it from one of the blogs. It looks like outdated and has some wrong information
as mention by members below. Do your own research

Students
Moving Expenses (Car Rentals, Plane Tickets, Meals & Lodging)
Tuition Fees
Textbooks
School Parking
Transit Passes
$400 worth of education expenses for every month that you were in university full time, or $120 per month part time.
Note: Student loans are non-taxable and students can claim a tax credit on any interest incurred on loans.

Note: If a student received a research grant, any expenses accumulated while completing the research can be deducted.


Parent & Child Tax Write-Offs
$2,089 per child, per year, for each child under 18 living at home. If a child has a disability, the Canadian Child Tax Benefit is increased.
Up to $500 in registration costs for each child if they are registered in a sport or fitness activity and are under the age of 16. Children with a disability receive an additional $500.
Tuition or Private Schooling Costs
Recreational Activities (Camp, Ballet): If the fees were paid while the parent was in school or working.
Personal
First time home buyers can claim a personal amount of $5,000 when qualifying to buy their first home.
Medical Expenses (Pharmeceutical Prescriptions, Eye Exams, Glasses, Hearing Aids, Medical Insurance, Chiropractic Costs, Massage Therapy Costs, Dental Work)
Transit Passes for: Buses, Ferries, Subways or any other local transit
Note: For individuals moving or relocating for a job, they can claim moving expenses as well (moving trucks, storage, temporary lodging).


Business
Advertising
Subscriptions
Internet Fees
Office Cleaning Materials
Website Fees (Domain Name, Hosting, etc.)
Computer
Meals & Entertainment (50% only)
Office Supplies (paper, pens, etc.)
Employee Salaries
Telephone Bill
Accounting, Tax Preparation Costs, Legal Fees
Business Travel Expenses
Home Office Expenses: Rent, Utilities, Property Taxes, Mortgate Interest, Repairs & Maintenance (Note: If your home office space is 15% of the total square footage of your home, then you can deduct 15% of your home office expenses.)
Company Car(s), Gas & Oil, Repairs & Maintenance, Lease Payments, Toll Charges, Insurance, Parking, Vehicle Registration Fees (Note: If you drive 20,000KMs for the year, and 50% were for business, you can write off 50% of your car expenses. If you own your vehicle, you can write off 30% of the cost of your vehicle each year – prorated for the business use portion of your car.)
What is a Capital Asset?
A capital asset is something of tangible value, which will last a long period of time (1 year or more).
Capital assets are written off over a period of time based on the CRA’s specified depreciation rates, which are:
Equipment (a camera for a photographer, a computer for a blogger, paint for a painter, etc.) = 30% per year
Furniture (computer desk, filing cabinet, etc.) = 20% per year
Software = 50% per year
Computers & Computer Equipment (printer, scanner, etc.) = 100%
Vehicles = 30% per year
Preparing your taxes doesn’t have to be an expensive endeavor. Get back as much money as you can and always file on time to avoid late fees.

Be sure to hold on to any receipts you may need, because you never know if you will end up being audited.

Source:
http://www.mrsjanuary.com/personal-finance/canada-tax-deductions-tax-credits-to-take-advantage-of/


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## Guban (Jul 5, 2011)

Not sure who Mrs January is, but I have some concerns.

Students can't claim textbooks. There's another thread about this complaint.
Student parking. Never heard about this claim, and I have doubts about it.
Not sure what is meant by student loans are non taxable. Loan interest can be claimed if it was loaned by a certain government group, under a specific program. Can't remember the specific name at this moment, but you can always google it. Loans by a bank may not qualify here.

Children's activities can be claimed up to $1,000. This is up this year from the $500 noted above.
Tuition to private schools can't be claimed except for the child care or activity portions of the cost.

There are likely a million more, and further conditions on the information above! Filer beware, and do your own research!


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## Guban (Jul 5, 2011)

She also got the self employed filing deadline wrong. She wrote April 15, but that is the American filing deadline. Self employed Canadians need to file by June 15, but interest starts accruing after then end of April, just like for everybody else.


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## lb71 (Apr 3, 2009)

It's also missing the family tax credit.

I clicked the link. Based on the dates in the comments, it is from last year.


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## gladaki (Feb 23, 2014)

lb71 said:


> It's also missing the family tax credit.
> 
> I clicked the link. Based on the dates in the comments, it is from last year.


Thats why I said, add things and delete


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## gladaki (Feb 23, 2014)

Guban said:


> Not sure who Mrs January is, but I have some concerns.
> 
> Students can't claim textbooks. There's another thread about this complaint.
> Student parking. Never heard about this claim, and I have doubts about it.
> ...


Thanks
I thought just to post some point which can help people.


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## Guban (Jul 5, 2011)

At a computer now, and just looked it up. I was thinking about the Canada Student Loans Act. I have talked to people who have used a "student line of credit" at a bank, and thought that this could be used for the tax credit. Banks are not necessarily in a hurry to correct their clients' misunderstanding about this point, because it may cause people not to borrow as much!

See: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/319-eng.html


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## Eclectic12 (Oct 20, 2010)

The other problem I see is that it's basic info ... without mentioning that one has to be careful to avoid having CRA disallow it.

The home office is a classic example where so many were abusing it that the last I read, CRA was requiring it be dedicated space where simply having a couch in the office would prompt CRA to disallow it.

Then too, the medical expenses is possible, there is no mention that the expenses have to exceed the lessor of $2171 for a 2014 tax return or 3% of net income. Or that it is a non-refundable tax credit. Or the timing restrictions (i.e. twelve months ending in the current tax year.


Where one is looking for tax tips, this blog seems a waste of time compared with the TaxTips.ca web site. 
Here is their entry for medical expenses ... http://www.taxtips.ca/filing/medicalexpensetaxcredit.htm


Cheers


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