Tax Deductions - Income & Small Business Tax Deductions, Students

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
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