George Harrison wrote "There's one for you, nineteen for me" in his song Taxman. If you want a greater portion of you income than George's 5%, then here are some tax deductions you should remember not to forget.Small Business Tax Deductions
- A portion of your mortgage interest for your home office
- A percentage of your property taxes for your home office
- GST on business purchases
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| George: "Now my advice for those who die, declare the pennies on your eyes!" |
Student Tax Deductions
- Daycare & summer camp fees if your spouse is working
- Tuition, book, bus pass and related fees
- RRSP contributions
- Moving costs for relocating to attend school
Income Tax Deductions (Personal)
- Disability tax credits for prolonged infirmities, like hearing impairments certified by an audiologist
- Interest on loans for investments
- The cost of renting out a safety deposit box
- Moving expenses (to move closer to work) - including the cost of breaking a lease
