tax deduction
Loopholes Tagged "tax deduction"
Plain-English guides to Canadian legal rights and workarounds related to tax deduction.
Child Care Expense Deduction — Write Off Daycare, Camps, and Babysitters Against Your Income
Canadian parents can deduct the actual cost of daycare, nannies, babysitters, overnight camps, and boarding schools directly from taxable income under ITA s.63 — reducing tax by hundreds or thousands of dollars per child.
Moving Expense Deduction — Deduct Relocation Costs When You Move for Work or School
Canadians who move at least 40 kilometres closer to a new job, business, or post-secondary school can deduct a wide range of eligible moving expenses directly from their income.
Investment Loan Interest Deduction — Make Your Borrowing Costs Tax-Deductible
Canadians who borrow money to invest in income-producing assets — stocks, bonds, REITs, rental properties — can deduct the interest paid on that loan from their taxable income under ITA s.20(1)(c).
The Smith Manoeuvre
Convert your non-deductible Canadian mortgage into tax-deductible investment debt by borrowing against home equity to invest, generating annual tax refunds that further pay down your mortgage.