Submitted by Kathie Pemberton, IG Wealth Management.
It’s almost income tax time in Canada and oh my oh my, the overlooked deductions and credits that could be leaving more money in your pocket.
I get it, completing an income tax return for most people is a foreign and scary thing, but we all want to keep as many of our dollars as possible, right? Then you get to decide on spending, saving or growing those dollars. Kathie Pemberton, Senior Consultant with IG Wealth Management (Investors Group Financial Services Inc.) here to spin the table of thinking and make income tax planning your most secret best friend!
Most people leave it to the experts, the tax preparers and accountants, to complete their income tax return, but without the helpful and meaningful data from you, your family or your business you, yes you, could be letting your own wealth opportunities go unclaimed.
Did you have medical costs? This includes fair and reasonable travel expenses in many cases.
Did you work from home in 2020/2021? Check out your qualifications for either the simplified or detailed method for a home office deduction.
Did you purchase your first home in 2021?
Do you pay union or professional dues?
Are you currently paying off student loans?
Do you have a fee-based investment account, or have you borrowed to invest in a non-registered account?
Did you give to a registered charity?
Something you missed when you filed in 2020 (or any of the previous 10 years) that could see more money back to you? Consider an application for adjustment. After all it’s your money!
Written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from myself or another qualified Advisor.