If you want to pay less taxes then deductions are your friends. There are so many types of deduction that may or may not apply to your income taxes.
Deductions can be as follows:
- Donations
- Medical that you paid
- This type of deduction can be complex
- Student loan interest
- Tuition fees that now include a fulltime and part time amount to help with text books that you had to purchase.
- Investment and brokerage fees that you paid
- Disability tax credit
- Overseas tax credit
- Tool Deduction
- Employment expenses
- Some legal fees
- Moving expenses
- Tax instalments
- Northern living allowance
This is only a partial list of the many deductions that may apply to your tax return. It is important to discuss with us your types of income, so we can find all the deductions available for your income taxes.