There are several perfectly legal ways to reduce your tax or increase the credits and benefits to which you are entitled. The secret is not to hide income or invent expenses, but rather to know the deductions, tax credits and tax measures available according to its situation.

Here are some strategies to check before filing your tax return.

1. Profiting from RRSP contributions

An RRSP contribution may qualify for a deduction that reduces taxable income. This can be particularly interesting for a person in a high tax bracket.

However, its contribution limit must be respected and appropriate documentation kept.

2. Verify that you are eligible for CELIPPA

For eligible individuals who wish to purchase a first home, CELIAPP can offer interesting tax benefits.

Eligible contributions may include a tax deduction. It is therefore important to verify eligibility and contribution room before contributing.

3. Do not forget medical expenses

Eligible medical expenses are often forgotten.

Depending on your situation, certain expenses paid for yourself, your spouse or certain dependants may be claimed. It may also be advantageous to determine which spouse should claim medical expenses.

However, expenses must be eligible and not be reimbursed by an insurance or other person.

4. Check child care costs

Custody costs can be a significant amount for some families.

In the federal context, eligible expenses may include certain expenses paid to a child care centre, child care provider or some camps. The rules concerning the person who can claim the deduction must be respected.

Always keep your receipts and supporting documents.

5. Check amounts related to children and dependants

A change in your family situation may affect your return.

Birth of a child, separation, shared custody, spouse, dependant or income change may change the credits and amounts to which you may be entitled.

6. Verify work or self-employment expenses

Depending on your situation, certain expenses incurred to earn income may be deductible.

For a self-employed person, it is particularly important to keep invoices and distinguish between personal and business expenses.

Attention: an expense is not automatically deductible simply because it is related to work.

7. Don't forget charitable donations

Donations made to eligible organizations may qualify for a tax credit.

Keep your official receipts and ensure that donations are eligible for tax purposes.

Good preparation can make all the difference

Paying less tax legally does not mean hiding income or inventing expenses. Rather, it is claim all credits and deductions to which you are actually entitled.

Chaque situation est différente. Votre situation familiale, vos revenus, vos dépenses et les changements survenus pendant l’année peuvent avoir une incidence sur votre déclaration.

Avant de produire votre déclaration, prenez le temps de vérifier l’ensemble de votre situation fiscale.

Vous avez des questions sur votre déclaration ou vous voulez vous assurer de ne rien oublier? Une préparation attentive de votre déclaration peut vous aider à profiter des mesures fiscales auxquelles vous êtes admissible.