BOOKING TRAVEL / HOW TO TAX REDUCTION IN CANADA

1. Super credit for the first time

This super credit is only available between 2013-2017.

A first-time sponsor will be allowed to deduct 40% of donations of $ 200 or less and 54% for donations above $ 200 without exceeding the maximum of $ 1,000. To qualify as a first-time sponsor, you or your spouse cannot claim a charitable donation tax credit for any of the previous 5 tax years.

For more information, visit the CRA website to see how this super credit could reduce your taxes.

2. Childcare costs

Child care costs include, but are not limited to, fees payable to caregivers or nannies, day care fees, after-school program costs, PLASP fees, etc. for child care costs.

The maximum amount of child care expenses that may be required is $ 11,000 per child Born in 2015 or earlier and $ 8,000 for each child born in 2009 or older.

3. Accounting fee

You can minimize taxes in Canada, by deducting the fees paid to your accountant to prepare your personal income tax return. The paid accounting fee may be deducted from the investment income, rental income or business income reported on your tax return.

In all other cases, the accounting fee is not deductible.

4. Selling expenses

As a salesperson, you can deduct any reasonable expenses you incur for the purpose of earning a commission.

To support your deductions, you must complete the T2200 form, Statement of Eligibility, and be required to pay for expenses related to your sales activities, as a condition of employment. your.

5. Car expenses

Car cost deduction is another answer for Elephants How can I lower Canada tax?

If you are required to use a personal car to fulfill your labor obligations, you can deduct the expenses related to your car or vehicle. However, you must have a completed T2200 form, Declaration of Employment Conditions and be required by your employment contract to use your personal car.

Only business use in your car expenses can be deducted on your personal income tax return, including:

Insurrance
Repair and maintenance
Rent cost (up to $ 800 + tax)
Capital cost subsidies (ie, tax depreciation, at a rate of 30% per annum)
Fee 40
Parking fee
For information on better than renting or buying a car for tax reasons, see Toronto Accountant discussing Renting versus Buying Cars

6. RRSP

Contribution to RRSP is deducted from your income. The maximum amount you can contribute to RRSP for 2016 is $ 25,370.

The 2016 RRSP contribution limit is calculated as follows: (18% x 2016 earnings, plus any unused RRSP contribution rooms from previous years).

Any income earned in the RRSP is exempt. However, withdrawals from the RRSP are taxable for you.

If you want to know whether TFSA or RRSP is better for you, take a look at TFSA versus RRSP - Toronto Certified Accountant discussing pros and cons.

7. TFSA

To reduce your tax in Canada, consider contributing to a tax-free savings account (TFSA). TFSA is an account in which any investment income is not subject to income tax. Unlike RRSP, withdrawals from TFSA are not taxable.

Stocks, bonds, mutual funds and high-interest savings accounts can all be kept in TFSA.

In addition, the maximum annual contribution limit for TFSA is $ 5,500 (2016).

Note that donations to TFSA are not deductible.

For more information about TFSA, see the Canadian Revenue Agency website and also read TFSA versus RRSP - The Toronto Chartered Accountant discusses the pros and cons.

8. Lending couple

Another way to reduce your tax bill is to lend to your spouse at the interest rate set by the Canadian Revenue Agency, which is currently 1% on January 1, 2016.

Your spouse can invest the amount of money borrowed into the business, invest with high interest rates, stocks, real estate, etc. and any income generated from those investments will be included in your spouse's taxable income.

The optimal amount of a husband and wife loan is equal to the amount that will balance your taxable income and that of your spouse, after taking into account the expected investment income generated from the investments made. made from the loan amount.

Making a spouse loan to a spouse in the lower income tax bracket is an excellent income sharing strategy.

9. Number of children's fitness

The children's fitness tax credit, also known as the children's fitness fee, is a tax credit for taxpayers in Canada to register their children for a physical activity program.

The tax credit is calculated at 15% of the amount paid for a physical activity program. The maximum credit amount that can be requested is $ 500 if your child is under 16 years old.

A receipt for your child's physical activity program will indicate if the program qualifies for the child's fitness tax credit. Note: This credit will no longer be available in 2017.

10. The amount of public transport

As a taxpayer in Canada, you can request a tax credit, called a transit transit tax credit, for monthly or yearly public trips. Eligible cards must be for one of the following:

Enterprise
Tram
The subway
Train
Ferries

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