With Canada's tax deadline of April 30th looming, many Canadians are unaware of benefits they are eligible to claim. Experts advise reviewing past returns and identifying changes from the previous year.
Four key deductions often missed include:
- Tutoring Expenses: Under specific circumstances, tutoring for learning disabilities can be claimed as a medical expense. A written certification from a medical practitioner is required.
- Medical Travel: Expenses for travel, accommodation, and meals incurred when seeking medical treatment at least 80 km away from home can be claimed. This includes treatments received outside of Canada.
- Student Loan Interest: Interest paid on qualifying federal student loans can be claimed as a non-refundable tax credit, with unused amounts carried forward up to five years.
- Charitable Donations: Gifts to registered charities, including certain journalism and athletic organizations, offer tax credits and can be claimed within a five-year window.
Experts emphasize that careful record-keeping is essential for claiming these deductions and maximizing tax returns.