Am I Maximizing All Available Tax Deductions For My Family? | Kerr Financial
Accounting & Tax
Am I Maximizing All Available Tax Deductions for my Family?
Category: Accounting & Tax

Every year, tax authorities make millions of dollars at the expense of taxpayers not claiming all tax deductions and credits available to their family. Some taxpayers may prefer to be conservative but many are simply unaware of the legal strategies available to reduce their family’s tax burden. One thing is sure, this money should be in your pockets instead of the government’s safety deposit box.

While there are numerous tax deductions and credits available, some can be categorized by taxpayer type, such as:

STUDENTS

Tuition tax credits that carry forward

Tuition, education and textbook amounts

Interest paid on student loans

Public transit passes

Goods and services tax/harmonized sales tax (GST/HST) credits

Solidarity tax credit in Québec

SENIORS

Age amount

Pension income amount

Pension income splitting with spouse

Attendant care and medical expenses

Home-support expenses for seniors

Senior homeowners’ property tax grant

WORKERS

Deductibles expenses for salaried employees, commissioned employees or self-employed individuals

Work-space-in-the-home expenses

Allowable motor vehicle expenses

GST/QST rebate on employment expenses

Annual union, professional and association dues

DISABLED INDIVIDUALS

Disability tax credits

Nursing home expenses

Attendant care and medical expenses

INVESTORS

Carrying charges, including management fees

Interest expenses on loans used to earn investment (non- registered) income

Capital and business investment losses

Capital gains exemption on a principal residence

Spousal dividend transfer Foreign tax credit for taxes paid to another country

PARENTS

Dependent tax credits

Child care expenses

Adoption expenses

Children’s fitness and artistic expenses (will be eliminated as of 2017)

Tuition tax credit transfers

Family caregiver amount for children under 18 years of age

Similar to most tax benefits, certain criteria must be met in order to claim these deductions or credits on your tax return. In addition, even if you are eligible, you may not qualify for the entire amount and the tax impact can vary depending on your province of residence.

Tax legislation evolves in a very dynamic political environment. Every year, any tax deduction or credit can be added or canceled. As a result, making sure you are optimizing your family’s tax situation every year can be very complex. A qualified tax professional can help you identify deductions and credits you could claim but can also provide guidance and planning suggestions to make the most of the strategies available to reduce your future tax bill. By paying fewer taxes, your family will benefit from more money to invest, save or spend!

Home-iconRETURN TO HOME page

Kerr Financial

About Kerr

Kerr Financial Group was formed in 1979 for the purpose of assisting individuals to maximize their personal financial resources, alleviate their financial and retirement concerns and simplify the administration of their affairs.

Resources & Articles


Montreal Office Kerr Financial
1000 Sherbrooke St. W, Suite 1600
Montreal, QC, H3A 3G4
Tel: (514) 871-8213
Fax: (514) 393-9516

Get Directions
Toronto Office Kerr Financial
150 York Street, Suite 1212
Toronto, ON, M5H 3S5
Tel: (416) 364-9447
Fax: (416) 364-0892

Get Directions