Know your Tax Credits

Today we discuss the tax credits that you should be discussing with your accountant before you finalize your 2016 taxes. The rule is simple. The more you know about tax credits means that discuss more with your tax professional and thus pay less in taxes.

Here are the credits that you may be eligible to claim this tax season:

Moving Expenses

If you moved this year for a new job, make sure tor take a record of all your expenses to your accountant as he can claim moving expenses on your tax return.

Medical Expenses:

While it is common knowledge that Canadian taxpayers can claim medical expenses on their returns but it is important to know what expenses you can claim. A lot of people miss out on the travellers’ medical insurance that they buy when travelling abroad.

You can also claim expenses incurred on fertility treatments that are otherwise not covered by any insurance plan.

Home Renovation Expenses for Seniors and People with Disability:

If you are a senior or already approved for disability tax credit, you can claim any expenses incurred for increasing the accessibility in your house. This includes expenses like stair lifts.

Credits for Teachers

Starting 2016, teachers can claim expenses incurred on supplies for school up to $1000. So, if you are a certified teacher or early childhood educator, make sure you take advantage of this tax credit.

We at Softron, have trained our professional staff to ensure that we do not miss any tax credits for all our clients. It is always more expensive to miss out on tax credits than paying a professional who can save you the most on taxes

Call 905-273-4444 or visit www.softrontax.com/location to finalize your taxes.