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Here are the top 10 most commonly missed tax deductions and credits for Canadians according to the latest survey from H&R Block. Number one is the child care expense deduction. $8,000 per child up to the age of 7, $5,000 per child age 7 to 16, and $11,000 for a disabled child. Number two is the caregiver credit. This is for Canadians supporting a dependent individual for either disability or medical reasons and the tax credit is up to $8,375. Number 3, the medical expense tax credit. Number 4, the Canada workers benefit. This is a tax credit for low income workers. Number 5 is tuition and education tax credits. Students can transfer up to $5,000 of unused tax credits to a parent, a spouse or a grandparent. Number six is interest on student loans and this applies to both provincial and federal loans. Number seven, the home accessibility tax credit. Number eight is the moving expense deduction. Number nine is the disability tax credit. And number ten is the first time homebuyer's tax credit.
Here are the top 10 most commonly missed tax deductions and credits for Canadians according to the latest survey from H&R Block. Number one is the child care e…
Ideas in this flowchart
- Top 10 Missed Tax Deductions and Credits for Canadians
- Child Care Expense Deduction
- Caregiver Credit
- Medical Expense Tax Credit
- Canada Workers Benefit
- Tuition and Education Tax Credits
- Interest on Student Loans
- Home Accessibility Tax Credit
- Moving Expense Deduction
- Disability Tax Credit
- First Time Homebuyer's Tax Credit
- Child Care Expense Details
- Caregiver Credit Details
- Tuition Transfer Details