1. RRSP Deduction: Contributions made to a Registered Retirement Savings Plan (RRSP) are a significant tax deduction available to taxpayers.
2. Child Care Expenses: If you have children and you pay for daycare, a nanny, or after-school programs, you may be able to claim these expenses.
3. Moving Expenses: Canada allows taxpayers to amortize the costs of moving for work or school.
4. Medical Expenses: You can deduct medical expenses that exceed 3% of your net income, or $2,397 in 2023, whichever is less.
5. Home Office Expenses: With more people working from home due to COVID-19, Canada has expanded the ability for people to deduct home office expenses.
6. Tuition Tax Credit: If you’re a student or have children who are post-secondary students, tuition can be claimed on your tax return.
7. Interest Paid on Student Loans: The interest that you or a family member pays on student loans is also tax deductible.
8. Public Transit Amounts: The cost of monthly (or longer) public transit passes may be claimed as a non-refundable tax credit.
9. Charitable Donations & Gifts: Amounts given to registered charities can be claimed as deductions.
10. Professional Dues and Union Fees: Dues paid to maintain standing in a professional organization are typically deductible.
11. Employment Expenses: Certain employment expenses not reimbursed by your employer may be eligible for deduction like tools for tradespeople or certain travel expenses.
12. The Northern Residents Deductions: If you live in the North or specified remote areas, there might be additional deductions available for you.
Please note that every person’s situation is different and this is just an overview of some common deductions in Canada for 2023 personal tax return filing. It’s always recommended that you speak with a Chartered Professional Accountant (CPA) or a tax expert to understand what applies to your specific situation.