Tax return | Forgetting expenses can be costly
Spring is tax season, which is often when people feel the weight of the economy on their wallet, especially when the cost of living is on the rise, as it was in 2023–2024 (which was the sharpest increase in the last 40 years1).
That's why it is important to include all your eligible credits and expenses2 on your tax return.
If you overlook any, you would be leaving money in the hands of the government and will not be making the most of your tax benefits.
- RRSP, FHSA and VRSP contributions: among other things, if you contribute to your plan through regular direct payments, do not forget to include the sum total of all your eligible contributions to benefit from this tax deduction.3
- Charitable donations: if the charities to which you have donated are registered, you are likely entitled to a tax credit for charitable donations.
- Medical expenses: many expenses are tax-deductible. While these sums may seem modest when considered individually, the total amount could have a very positive effect and significantly reduce your taxes. It’s worth it to include them.
- Training credit: the Canadian training credit applies to students who were 26 years and older during the fiscal year (registered in either part- or full-time studies). You could be eligible for a reimbursable credit of $250.
- Child care expenses: if your child was less than 16 years old and you had them looked after during the fiscal year, you could be eligible to receive a tax credit on your provincial tax return and a deduction on your federal return.
Refundable and non-refundable tax credits:
Canada Revenue Agency listRevenu Québec list
You may be eligible for certain credits, such as the senior assistance tax credit or the tax credit for home support services. The latter includes:
- Housekeeping costs.
- Property maintenance costs (snow removal, lawn mowing, etc.).
- Home nursing care.
- Grocery and medication delivery services.
Revenu Québec
Many expenses incurred for the purpose of earning income are eligible, including:
- Meal and representation expenses: if you work from or meet clients at your home, you can deduct certain costs (rent, heating, electricity, Internet) in proportion to the space used for work (mortgage payments are not eligible).
- Home office expenses: if you work from or meet clients at your home, you can deduct certain costs (rent, heating, electricity, Internet) in proportion to the space used for work (mortgage payments are not eligible).
- Professional fees: if you pay fees to specialists such as accountants, lawyers, etc.
- Travel expenses: if you use your vehicle for work, you can deduct certain expenses (gas, insurance, lease payments, interest payments, maintenance and repairs) in proportion to your business use.
Revenu Québec
You could be eligible for a tax credit on your federal and provincial tax return. Find out more!
Canada caregiver creditTax credit for caregivers
Four times a year, this tax-free payment from the federal government helps individuals and families with low and modest incomes offset, in full or in part, the Goods and Service Tax (GST) they pay. Find out if you’re eligible!
Fill out tax returns for all members of your family at the same time. Why?
Because you may be able to transfer the expenses that don’t provide any advantages to some members of your family to another member who could benefit from them.
1 Consumer Price Index: Annual review, 2023, Statistics Canada.
2These expenses and credits are only some of the tax advantages available. This is not an exhaustive list of all the deductions and credits for which you may be eligible. This article is not a substitute for financial or tax advice; experts, such as accountants and tax specialists, can guide you or offer personalized advice.
3You have 60 days after the end of the year to contribute to an RRSP and use that deduction on the previous year’s tax return. For example:
- Until February 29, 2024, for the 2023 taxation year
- Until March 1, 2023, for the 2022 taxation year
- Until March 1, 2022, for the 2021 taxation year