With the following list of credits and deductions, you can make the most of your 2025 tax return, and get more money back, or save more money this tax season.
Although you can go it alone when it comes to filing your tax return, there are so many advantages to seeking help from professional tax services in Surrey, that it almost seems churlish not to. With their experience and expertise, they’re aware of every possible credit and deduction you might be eligible for, and will help make the process simple and convenient.
Here are just a few of the most common credits and deductions for Canadian tax payers today:
Childcare expenses
A deduction for childcare expenses such as summer camps, nannies and daycare, may be applicable for tax payers with children under 16 years of age.
Spousal and child support payments
If you send support payments to a former spouse or children, you may be able to take advantage of this deduction.
Student loan interest
Whether you, or your child, are at a post-secondary institution studying, you may be eligible to deduct interest payments on a student loan, depending on who you received it from.
Property taxes and rental payments
If you’re a landlord with a rental property, you may be able to claim property taxes. If you’re a tenant who is employed or self-employed and use your home for related purposes, you may be able to make a claim under home office expenses.
Employment expenses
If you were asked by your employer to buy office supplies, or used your cell phone for work purposes, you may be able to class them as work expenses, and deduct them appropriately.
Moving expenses
Moving closer to your place of work, a secondary school, or a new business, could entitle you to claim moving expenses.
Medical and charitable expenses
Partial deductions may be received if you made any charitable donations, or have certain medical expenses.
Home buyers amount
If your first home was bought in the past four years and you haven’t lived anywhere else that you own, you may be able to claim a tax credit of $5,000.
Disability tax credit
You may be able to reduce the amount of income tax you have to pay if you’re disabled, through the DTC.
Canada workers benefit
The CWB may be claimable when your taxes are filed, if you’re a worker on a low income.
Canada training credit
If you’re over the age of 26, this credit could help support you and reduce any barriers to your professional development.
GST/HST credit
You may be eligible to receive a quarterly, tax free payment to help you offset GST and HST costs.
Canada child benefit
This federal payment is given monthly to eligible individuals with children aged below 18.
Canada dental care plan
Given to both individuals and households with net annual incomes of less than $90,000, this plan can help alleviate some of your financial burdens.
As with any of these credits and deductions, the key to understanding them and your eligibility, lies in hiring a personal tax accountant in Surrey to assist you. There are also many more credits and deductions you may be eligible for, but to find out exactly how low your tax bill could go this year, you need to schedule a consultation with a tax accountant, and soon!