Top Tax Deductions Canadians Often Miss
Tax season can be stressful, but missing out on valuable Canadian tax deductions can make it even more frustrating. Every year, Canadians leave money on the table simply because they don’t claim all the deductions and credits available to them. At Tax Wise Solution, we want to help you identify commonly missed tax credits so you can maximize your tax refund and keep more money in your pocket.
1. Medical Expenses
Many Canadians don’t realize they can claim a wide range of medical expenses on their tax return, including:
Prescription medications
Dental and vision care
Medical travel expenses (if treatment is 40+ km away)
Hearing aids and assistive devices
Fertility treatments and IVF procedures
If your out-of-pocket medical costs exceed 3% of your net income (or $2,635, whichever is lower), you may be eligible for this deduction.
2. Moving Expenses
If you moved at least 40 km closer to a new job, school, or business location, you can claim moving expenses such as:
Transportation and storage costs
Temporary accommodation (up to 15 days)
Real estate fees and legal costs related to selling your home
Many taxpayers forget to include these deductions, leaving money unclaimed.
3. Home Office Expenses
With more Canadians working from home, home office deductions have become essential. If you’re self-employed or worked remotely due to COVID-19, you may be able to claim:
Rent or mortgage interest (self-employed only)
Utilities (electricity, heating, water)
Internet and office supplies
Be sure to keep records of all expenses in case of an audit.
4. Union and Professional Dues
If you pay fees to a union or professional organization, these costs are tax-deductible. This includes memberships in professional bodies like CPA Canada, engineering associations, or trade unions.
5. Tuition and Education Credits
Students and recent graduates can benefit from education-related tax deductions, including:
Tuition fees (from designated institutions in Canada or abroad)
Interest on student loans (only from government student loan programs)
Exam and certification fees for professional licensing
Unused credits can even be carried forward to future years.
6. Charitable Donations
Donations to registered Canadian charities qualify for tax credits. If you donate more than $200 in a year, you can claim a higher credit rate. Spouses can combine donations to maximize their tax benefit.
7. Disability Tax Credit (DTC)
The Disability Tax Credit helps individuals with disabilities or those who support dependents with disabilities. If eligible, you can receive a non-refundable credit that lowers your taxable income significantly.
8. Family Caregiver and Medical Support Credits
If you support an elderly parent, a disabled spouse, or a dependent with a medical condition, you may qualify for caregiver tax credits. These include:
Canada Caregiver Credit
Medical expense deductions for dependents
9. First-Time Home Buyers' Tax Credit
If you bought your first home, you may qualify for the First-Time Home Buyers’ Tax Credit (HBTC), which provides up to $750 in tax relief.
10. Volunteer Firefighter and Search & Rescue Credit
If you volunteer at least 200 hours per year as a firefighter or search-and-rescue worker, you may be eligible for a $3,000 tax credit, reducing your overall tax bill.
Don’t Leave Money on the Table – Get Expert Help!
Navigating Canadian tax deductions can be complicated, and many people miss out on valuable credits every year. At Tax Wise Solution, we specialize in helping Canadians maximize their tax refund by identifying all possible deductions and credits.