Now that RRSP season is over, it’s time to look ahead to Tax season. While we know that many of you file with the help an accountant, others among you complete and file your taxes yourself. So the following short list of tips may be best suited to the personal filers.
Maximize on your medical expenses: Your are only eligible to claim medical expenses that you paid for (less any that are paid by your benefits) within a calendar year that have not been claimed in previous years. In order for the claim to affect your tax return, the amount must exceed the lesser of three per cent of your net income or $2,479.
Moving expenses: If you moved at least 40 kilometres to be closer to work or to be a full-time student at a post-secondary school, you can claim the following expenses: transportation and storage, meals, accommodation and vehicle expenses.
Working from home credit: In 2022, if you worked from home due to the pandemic for at least 50% of the time for at least four consecutive weeks, you can claim this credit. The easiest calculation that doesn’t require receipts and other documentation is to multiply the number of working days by two up to a maximum of $500.
To find out more about the credits you may be eligible for, visit “My Account” on the CRA website.