Doing taxes can feel like a chore, but it’s also an opportunity to get back some of your hard-earned money. Discover the credits and deductions that can put cash back in your pocket.

Every tax season, millions in unclaimed tax credits and deductions slip through the cracks. Don’t let it happen to you! From medical expenses to news subscriptions, familiarize yourself with some commonly overlooked tax credits and deductions that could help you reduce your overall tax bill.

Medical Expenses

The medical expense tax credit covers a surprising array of costs, from prescription medications to dental work and even travel expenses for medical treatment over 40 kilometres away. You can claim expenses for yourself, your spouse or common-law partner, and dependents. You can even claim fertility treatments and home accessibility renovations for medical purposes.

Child Care Expenses

Parents take note: you can deduct child care costs like daycare, nannies, babysitters, and even summer camps (if they’re primarily for child care purposes). Essentially, child care expenses apply to any amount paid to have your child looked after so that you could earn income.

Moving Expenses

If you move at least 40 kilometres closer to a new job, business, or school, then you might be able to deduct moving expenses. These expenses may include transportation and storage costs, up to 15 days of temporary living expenses, and real estate fees for selling your old home.

Union or Professional Dues

If you pay membership fees for a union or professional organization directly to the union hall, don’t forget to claim them. These fees, for which you will be issued a receipt, are often mandatory for employment and are fully deductible. It’s an easy way to recoup some of those annual costs.

Self-Employment Expenses

Self-employed Canadians, including freelancers and small business owners, have a range of deductions at their disposal that can significantly lower taxable income. Commonly missed expenses include home office costs, such as a portion of rent or utilities, business-related travel, internet and phone bills, and the cost of equipment or tools used for work.

Canada Caregiver Credit

The Canada caregiver credit is available for those caring for a spouse or a dependant with physical or mental impairments. It may also apply if you are caring for another adult related to you or your spouse. The amount you can claim depends on your relationship to the individual and their income.

Digital News Subscription Expenses

This relatively new credit encourages Canadians to support homegrown digital journalism. If you’ve subscribed to a qualified Canadian journalism organization that does not have a license to broadcast, you can claim up to $500 in subscription costs. The subscription must provide access primarily to written news.

Student Loan Interest

If you’re paying off student loans, don’t forget that interest paid on both provincial and federal loans can be claimed as a tax credit. This credit can help ease the burden of repayment by reducing your overall tax bill. Unused amounts can be carried forward for up to five years, so it’s worth keeping track of your payments.

Navigating tax credits and deductions can feel overwhelming, but taking the time to explore your options can lead to significant savings. So, dig into your paperwork, and don’t leave money on the table this tax season!