Does the upcoming tax season have you mumbling “gimme a break!”? It seems like we’ve just rung in the New Year and now the tax man cometh!  Every year, millions of Canadians file their taxes, and every year thousands of dollars’ worth of tax breaks is missed. Below are some overlooked tax breaks that everyone should know about.

• The safety deposit box at the bank – Got some personal treasures stashed away in the hallowed halls of your financial institution? Arguably the most missed tax deduction is the safety deposit box, which can be found on schedule 4 of your tax return. If you’re paying out $75.00 per year, over ten years that can generate you $300.00 on your return!
• Charitable Donations – Consider this as the government’s way of thanking you for your generosity! If you’ve donated more than $200.00 during the year, it results in a larger tax credit. Also, since charitable donations can be saved for up to five years, compiling them for a few years and then claiming them all in one year will give you a larger total credit than claiming a small amount each year too!
• Your first home – If you have bought your first home, there is a non-refundable tax credit of $5,000.00 that may be claimed in the tax year of the purchase. What does that mean to you? A cool $750.00 in your pocket!
• Moving – If you had to move due to a new job, these are taxable deductions, from the movers you hired, or the moving van you rented, or even the boxes you purchased. The commissions you had to pay on the sale of your former home (if you owned it) are also a tax deduction. Also, if you moved to attend school full time, guess what? Another break for you!
• Kids’ activities and lessons – The government wants to encourage you to get your kids active, so getting your child into skiing lessons, or soccer camp will result in some tax breaks for you. The children’s fitness tax credit allows parents to claim up to $500.00 of the costs for any children under the age of 16. Let’s get moving!
• Public transportation – Do you purchase bus passes? Those are worth a tax deduction for you! Monthly or weekly passes can be claimed on your return. The only exclusion would be the daily tickets.

Being aware of the tax breaks available to you can help you get a better return than you imagined. Get your money back, Canada! What are some tax breaks you know of that may not be common knowledge?

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