The Ultimate Guide to Tax Deductions Canadians Miss Every Year (2025 Edition)

Every tax season, I watch friends and family members leave money on the table—sometimes hundreds or even thousands of dollars—simply because they don't know what they're entitled to claim. After helping countless Canadians navigate their tax returns over the years, I've noticed the same deductions being overlooked time and time again.

This isn't about complicated tax loopholes or questionable grey areas. These are legitimate, CRA-approved deductions that everyday Canadians qualify for but never claim. Whether you're a nurse working overtime, a student juggling tuition payments, a parent managing childcare costs, or someone who moved cities for a new job, there's probably something here that applies to you.

Let me walk you through the most commonly missed tax deductions and credits, explain exactly how they work, and show you how to claim them properly when filing your 2024 tax return.

1. Medical Expenses: Beyond Just Prescriptions and Dental Bills

Most people know they can claim prescription medications and dental work, but the list of eligible medical expenses is surprisingly extensive. I've seen taxpayers miss out on thousands of dollars because they assumed only "major" medical costs counted.

What Actually Qualifies as Medical Expenses

The Canada Revenue Agency allows you to claim a wide range of health-related costs that many people never think to include:

Vision Care Expenses:

• Prescription eyeglasses and contact lenses
• Eye examinations by optometrists
• Laser eye surgery (LASIK, PRK)
• Prescription sunglasses

Medical Devices and Equipment:

• CPAP machines and supplies for sleep apnea
• Hearing aids and batteries
• Blood pressure monitors
• Orthopedic shoes and custom orthotics
• Walking aids (canes, walkers, wheelchairs)
• Hospital beds and lift chairs

Alternative and Specialized Treatments:

• Acupuncture treatments
• Naturopathic services
• Osteopathy and chiropractic care
• Psychologist and counselling services
• Speech therapy and occupational therapy

Travel for Medical Treatment:

This is one of the biggest missed deductions. If you need to travel more than 40 kilometres from your home to get medical treatment that isn't available locally, you can claim:

• Vehicle expenses (using the simplified rate of $0.68 per kilometre for 2024)
• Public transportation costs
• Accommodations (if you need to stay overnight)
• Meals (using the simplified flat rate method)
• Parking fees at the medical facility

I once helped someone claim over $3,000 in travel expenses for specialized cancer treatment they received in a city three hours away. They had been making weekly trips for six months and never realized these costs were deductible.

Premiums and Insurance:

• Private health insurance premiums (if you paid them yourself, not through work)
• Premiums for provincial/territorial health plans like MSP in BC or OHIP+ in Ontario

Home Modifications for Medical Needs:

• Wheelchair ramps and widened doorways
• Walk-in bathtubs and grab bars
• Air conditioners (if medically necessary for a severe chronic condition)
• Air or water filters (with medical certification)

The 12-Month Rule You Need to Know

Here's something that surprises almost everyone: you don't have to claim medical expenses based on the calendar year. You can choose any 12-month period that ends in the tax year you're filing for.

Why does this matter? Let's say you had surgery in February 2024 and then follow-up treatments through March 2025. You could claim expenses from April 2024 to March 2025 on your 2025 tax return, capturing more expenses in a single claim period and potentially maximizing your benefit.

How to Calculate Your Medical Expense Deduction

You can only claim the amount that exceeds 3% of your net income, or $2,759 (whichever is less). So if your net income is $50,000, you'd calculate 3% = $1,500. Any eligible medical expenses above $1,500 can be claimed.

Pro Strategy: The lower-income spouse should claim medical expenses for the entire family to reduce that 3% threshold. If one spouse earns $40,000 and the other earns $80,000, having the $40,000 earner claim all family medical expenses means you only need $1,200 in expenses before you can start claiming, versus $2,400.

Keep These Records:

• Original receipts with the provider's name and business number
• Prescriptions from doctors or specialists
• Detailed pharmacy receipts showing medication names
• Mileage logs for medical travel

For the complete CRA list of eligible medical expenses, visit: CRA Medical Expenses List

2. Moving Expenses for Work or School: The 40km Rule

Changed jobs? Started a new business? Enrolled in full-time post-secondary education? If you moved at least 40 kilometres closer to your new workplace or school, you can deduct a substantial list of moving-related expenses.

The 40km rule is measured as the shortest normal route—not as the crow flies. It's the difference between your old home to your new work location versus your new home to your new work location.

What Moving Expenses Can You Claim?

Transportation and Storage:

• Moving truck rental or professional moving company fees
• Storage costs (temporary storage of your belongings)
• In-transit storage and insurance
• Utility connection/disconnection fees

Travel Expenses During the Move:

• Vehicle expenses (gas, oil, repairs during the move)
• Meals and accommodation en route to your new home
• Flight or train tickets
• Temporary accommodation near your new location (up to 15 days)

Costs of Selling Your Previous Home:

• Real estate commission fees
• Legal fees for the sale
• Mortgage penalty for early payment
• Advertising costs if you sold privately

Costs of Buying or Renting Your New Home:

• Legal fees for the purchase
• Land transfer taxes
• Lease cancellation costs on your old rental

Important Limitations and Rules

You can only deduct moving expenses up to the amount of income you earned at your new location. If you moved in July and earned $30,000 from your new job for the remainder of the year, you can't claim more than $30,000 in moving expenses. But here's the good news—if your eligible expenses exceed your income in the year of the move, you can carry forward the unused portion to the following year.

Students: If you moved for school, you can only deduct moving expenses from scholarship income, research grants, or other taxable awards—not from student loans or gifts from parents.

Documentation You'll Need:

• Receipts for all moving-related costs
• Employment letter or business registration showing your new work location
• School acceptance letter or enrollment confirmation
• Proof of address change

Form T1-M (Moving Expenses Deduction) needs to be completed and submitted with your return. You can find it here: Form T1-M

More details on moving expenses: CRA Moving Expenses Guide

3. Union Dues and Professional Membership Fees

This is probably the easiest deduction people miss because the information is often right on their T4 slip in box 44, but they simply overlook it or don't understand what it means.

What Qualifies?

Union Dues:

• Annual union membership fees
• Union dues deducted automatically from your paycheque
• Special assessments for union activities

Professional Association Fees:

• Engineers (PEO, APEGA, Engineers Canada)
• Nurses and healthcare professionals (CNO, CRNBC, college registrations)
• Chartered Professional Accountants (CPA)
• Teachers' associations and federations
• Lawyers and paralegals (Law Society fees)
• Architects, physicians, social workers

Related Professional Costs:

• Mandatory professional liability insurance premiums
• Annual licensing fees to practice
• Regulatory body membership requirements

What Doesn't Qualify?

The CRA is specific about what professional fees are deductible. You cannot claim:

• Initiation fees or entrance fees for clubs
• Fees for social or recreational clubs
• Voluntary professional associations that aren't required for your job
• Certification programs that lead to a different career path

The key test is whether the membership is a condition of employment or legally required to maintain your professional status.

Where to Find This Information:

• Check box 44 on your T4 slip (most employers report it here)
• Review your pay stubs for "union dues" deductions
• Request an annual statement from your professional association
• Keep receipts for any fees you paid directly

Even if you pay $1,200 annually in professional dues, that's real money back in your pocket at tax time.

4. Tuition Tax Credits: The Gift That Keeps Giving

The tuition tax credit is probably the most valuable long-term tax benefit for students and recent graduates, yet many people either forget to claim it or don't realize they can carry it forward indefinitely.

What Tuition Can You Claim?

Eligible Canadian Institutions:

• Universities and colleges across Canada
• Vocational schools and trade programs
• Professional development courses required by your employer
• Online programs from accredited Canadian institutions

International Programs:

• Full-time programs at foreign universities (minimum 13 consecutive weeks)
• Commuter programs to US institutions (if you live near the border)

The Tuition Amount Certificate (T2202)
Your educational institution must provide you with a T2202 form showing your eligible tuition fees. This is different from your receipt for payment—it's an official tax document. Most schools make these available through their student portals by late February.
For the 2024 tax year, fees must exceed $100 per institution to be claimed.

The Transfer and Carryforward Options

Here's where this credit becomes incredibly powerful:

For Current Students:
If you don't need all your tuition credits to reduce your tax to zero, you have two options:

• Transfer up to $5,000 to a parent, grandparent, spouse, or common-law partner. This is $5,000 of your tuition amount, not $5,000 in tax savings. At a 20% tax rate, this saves the recipient about $1,000.
• Carry forward unused amounts indefinitely to use in future years when you're earning more income.

For Recent Graduates:
Many people graduate with $20,000, $40,000, or even more in accumulated tuition credits. These can be claimed year after year until you've used them all. There's no time limit.

I've worked with clients who graduated five years ago and still have tuition credits they're using to reduce their current taxes. One person had $35,000 in carried-forward credits that saved them over $7,000 in taxes across three years of employment.

Interest on Student Loans (A Related But Separate Credit)

This is separate from tuition but worth mentioning here: you can claim the interest paid on government student loans (federal and provincial programs like OSAP, NSLSC, Student Aid Alberta).

Important: Only interest on government student loans qualifies—not line of credit interest or bank loans used for education. And you can only claim the interest itself, not the principal payments.

You can claim interest from the current year or any of the previous five years, giving you flexibility in when to use this credit most effectively.

Download your official tax forms from your student loan provider or access them through your online account. For NSLSC loans: Student Aid Canada

More on tuition credits: CRA Tuition Tax Credit Guide

5. Home Office Expenses: Post-Pandemic Rules Still Apply

With hybrid and remote work arrangements now standard across many industries, millions of Canadians are eligible to claim home office expenses. The CRA extended and refined these rules during the pandemic, and most provisions remain in place today.

Do You Qualify?

You can claim home office expenses if:

• Your employer required you to work from home (not just allowed it)
• You worked from home more than 50% of the time for at least four consecutive weeks
• Your workspace is where you principally perform your employment duties

The "principally" rule means if you work three days at home and two days in the office each week, you qualify. But if you work one day at home and four days at the office, you generally don't.

Two Methods for Claiming

Temporary Flat Rate Method (Simplified):
This method was introduced during COVID-19 and has been extended. For 2024:

• Claim $2 per day worked from home
• Maximum claim of $500 (250 days)
• No receipts or Form T2200 required
• No need to calculate workspace percentage

This works well if you worked from home occasionally and don't have significant expenses to claim. Simply track the number of days you worked from home and multiply by $2.

Detailed Method (Form T2200 or T2200S):
This method requires more documentation but can result in much larger deductions, especially if you pay rent or have a mortgage.
Your employer must complete and sign Form T2200 (Declaration of Conditions of Employment) or T2200S (short form) confirming you're required to maintain a workspace at home.
You can claim a portion of:

• Electricity, heat, and water
• Home internet (work-related portion)
• Maintenance and minor repairs
• Rent (if you rent your home)
• Property taxes and home insurance (if you own)

How to Calculate Your Workspace Percentage:
Method 1 - By Area:
If your home office is 150 square feet and your entire home is 1,500 square feet, your workspace is 10% of your home. You can claim 10% of eligible expenses.
Method 2 - By Rooms:
If you use one room in a six-room home exclusively for work, you can claim 1/6 (16.67%) of eligible expenses.

What You Cannot Claim

Even with the detailed method, you cannot claim:

• Mortgage interest or principal payments
• Capital cost allowance (depreciation on your home)
• Furniture or equipment your employer should provide
• Major renovations or improvements

Example Calculation

Let's say Sarah works from home three days a week in a home office that's 12% of her total home space. Her eligible annual expenses:

• Electricity: $1,200
• Natural gas heating: $1,800
• Water: $600
• Home insurance: $1,500
• Internet: $900
• Maintenance/cleaning: $400
• Total eligible expenses: $6,400

Home office percentage: 12%
Claimable amount: $768

If Sarah uses the flat rate method instead: 156 days × $2 = $312
In this case, the detailed method gives her more than double the deduction, but she needs to keep all her receipts and get Form T2200 signed.

Required Documentation:

• Form T2200 or T2200S signed by your employer
• Copies of utility bills, rent receipts, or property tax statements
• Home internet bills
• Receipts for office supplies
• Floor plan or measurement of your workspace

Get the forms here:

• Form T2200: Download T2200
• Form T2200S: Download T2200S
• Detailed guidance: CRA Work Space in the Home Expenses

6. Charitable Donations: Strategic Giving for Maximum Credits

Donations to registered Canadian charities provide some of the most generous tax credits available, but many people don't optimize how they claim them.

How the Donation Tax Credit Works

The federal tax credit is tiered:

• First $200 donated: 15% federal credit
• Donations over $200: 29% federal credit (or 33% if your income exceeds $246,752)

Provincial credits are added on top, so the combined credit can reach 45-50% in most provinces for donations over $200.

Example:
If you donate $1,000 to a registered charity:
First $200 × 15% = $30
Remaining $800 × 29% = $232
Federal credit: $262
Plus provincial credit (varies by province)
Total credit typically: $400-500

Strategies to Maximize Your Donation Credits

1. Combine Donations with Your Spouse:
   Only one spouse needs to exceed the $200 threshold to get the higher credit rate on all additional donations. Pool your charitable donations on one person's return to maximize the benefit.
   If you each donated $150 separately, you'd only get the 15% credit. But if one person claims $300, you get 15% on the first $200 and 29% on the remaining $100.
2. Carry Forward Up to Five Years:
   You don't have to claim all donations in the year you made them. If your income is low this year but you expect it to be higher next year, carry forward your donation receipts and claim them when they'll be more valuable.
3. First-Time Donor's Super Credit:
   If you haven't claimed donations since 2007, you can get an additional 25% on up to $1,000 in donations. This makes the first-time total credit rate 40% on the first $200 and 54% on the next $800. This supplement is available once in your lifetime.
4. Donate Securities Instead of Cash:
   If you donate publicly traded stocks, bonds, or mutual fund units directly to a charity (not selling them first and donating the cash), you pay zero capital gains tax on the appreciation. This is hugely valuable for long-term investments that have grown significantly.

What Qualifies as a Charitable Donation?

Registered Charities:

• Religious organizations
• Hospitals and healthcare foundations
• Universities and colleges
• Environmental and animal welfare organizations
• Arts and cultural institutions
• International development organizations

The charity must be registered with the CRA. You can verify registration status and search for charities here: CRA List of Charities

What You'll Receive:
Official donation receipts must include:

• The charity's registration number
• Your name and address
• The donation date and amount
• Statement that it's an official receipt for income tax purposes
• Authorized signature

What Doesn't Qualify:

• Donations to political parties (these have separate credits)
• Raffle tickets or fundraiser dinners (only the portion exceeding fair market value)
• Gifts to individuals or GoFundMe campaigns
• Donations to foreign charities (unless they're prescribed universities or UN agencies)
• Purchases at charity auctions (only the amount exceeding item value)

Keep Your Receipts Safe
The CRA regularly audits charitable donation claims. Keep all official receipts for at least six years. Digital receipts are acceptable as long as they contain all required information.

7. Childcare Expenses: More Than Just Daycare

If you're paying for childcare so you can work, attend school, or actively look for work, you can deduct these expenses—and the definition of eligible childcare is broader than most parents realize.

What Childcare Costs Are Deductible?

Full-Time and Part-Time Care:

• Licensed daycare centers
• Home daycares (licensed or unlicensed)
• Preschool and nursery school programs
• Before and after-school care programs

Camps and Programs:

• Day camps (sports, arts, STEM, general day camps)
• Overnight camps (up to $200-275 per week depending on child's age)
• March break and summer programs
• PA day programs

Individual Caregivers:

• Nannies and au pairs
• Babysitters (must provide their SIN if they're Canadian)
• After-school sitters

The caregiver must be over 18 and cannot be a parent of the child or someone you can claim as a dependent.

How Much Can You Claim?

The deduction is limited based on the child's age:
For 2024:

• Children under 7: Up to $8,500 per child
• Children 7-16: Up to $5,000 per child
• Children with disabilities (any age): Up to $11,000

These are maximums—you can only claim what you actually paid, up to these limits.

Who Claims the Deduction?

Generally, the lower-income spouse or common-law partner must claim childcare expenses. This rule exists because the higher earner is assumed to be the one working while the lower earner is caring for children, so they need to justify the childcare expense.

Exceptions:
The higher-income spouse can claim if the lower-income spouse was:

• Enrolled in full-time education
• Incapacitated due to mental or physical infirmity
• Confined to prison for at least two weeks
• Living separately due to relationship breakdown

Required Documentation
You must have receipts showing:

• Caregiver or facility name and address
• Caregiver's Social Insurance Number (if an individual)
• Amount paid and period covered
• Signature of the person who received payment

Many daycares provide annual tax receipts in January or February. If you pay a private caregiver, create simple receipts documenting each payment and have them sign.
Form T778 must be completed to claim childcare expenses: Form T778

Example Scenario
Marc and Jennifer have two children: Emma (age 5) and Lucas (age 9). Jennifer earns $48,000 and Marc earns $72,000.
Their childcare costs for 2024:

• Emma's daycare: $12,000
• Lucas's after-school care: $4,200
• Summer day camp for both: $2,800

Total expenses: $19,000
Claimable amounts:

• Emma (under 7): $8,500 limit
• Lucas (7-16): $4,200 (under the $5,000 limit)

Total deduction: $12,700
Jennifer (lower income) claims the $12,700 on her return, reducing her taxable income and resulting in approximately $2,500-3,000 in tax savings depending on her tax bracket.

More information: CRA Childcare Expenses

8. Disability Tax Credit (DTC): The Most Underutilized Major Credit

The Disability Tax Credit is arguably the most powerful non-refundable tax credit in Canada, worth over $9,400 federally in 2024 (more with provincial credits), yet an estimated 40% of eligible Canadians never apply for it.
Part of the problem is that many people don't realize they qualify. You don't need to be completely unable to work or require full-time care. The eligibility criteria include a wide range of physical and mental impairments.

Who Qualifies for the DTC?

You may be eligible if you have a severe and prolonged impairment in one or more of these areas:

Physical Functions:

• Vision: Blind or severely limited vision even with corrective lenses or medication
• Walking: Inability to walk or marked restriction in walking
• Feeding and dressing: Unable to feed or dress yourself
• Bowel or bladder functions: Require extensive time for personal care
• Hearing: Deaf or severely impaired hearing even with devices

Mental Functions:
Mental functions necessary for everyday life, at least 90% of the time:

• Memory and recall
• Problem-solving and goal-setting
• Judgment and decision-making
• Attention and concentration
• Perception of reality
• Adaptive functioning (learning and applying new skills)

Life-Sustaining Therapy:
If you require life-sustaining therapy at least three times per week (averaging 14+ hours weekly), such as:

• Kidney dialysis
• Insulin therapy for Type 1 diabetes (this is evolving—some cases qualify)
• Chest physiotherapy for cystic fibrosis

The "Severe and Prolonged" Test:

• Severe: The impairment markedly restricts a basic activity of daily living
• Prolonged: Has lasted or is expected to last at least 12 consecutive months

Conditions That Often Qualify (But People Don't Realize)

• Type 1 diabetes (due to time managing the condition)
• Autism spectrum disorders
• Severe ADHD
• Crohn's disease and ulcerative colitis
• Severe chronic pain
• Multiple sclerosis
• Cerebral palsy
• Severe mental illness (schizophrenia, severe depression, bipolar disorder)
• Learning disabilities combined with mental function impairments
• Severe arthritis affecting walking or life functions

How to Apply

Step 1: Get Form T2201 (Certificate for the Disability Tax Credit) from the CRA website or your doctor's office.
Step 2: Complete Part A (your personal information).
Step 3: Have a qualified medical practitioner complete Part B:

• Medical doctors
• Nurse practitioners
• Optometrists (for vision impairment)
• Audiologists (for hearing impairment)
• Occupational therapists (for walking, feeding, dressing)
• Physiotherapists (for walking)
• Psychologists (for mental functions)

Some doctors charge a fee ($50-250) to complete this form. It's worth paying for their time to ensure it's done properly.
Step 4: Submit the completed form to the CRA. Processing typically takes 8-12 weeks.

If You're Approved

Once approved, the DTC can be applied:

Going Forward:
The credit will appear on your Notice of Assessment each year for the approved period (typically 5-10 years, or indefinitely for permanent conditions).

Retroactively:
You can request adjustments for up to 10 previous tax years if you were eligible but hadn't applied. This can result in refund cheques of $10,000-30,000 or more for someone who qualified for several years.

Transfer to Supporting Family Members:
If you don't have enough taxable income to use the full credit, you can transfer the unused portion to a spouse or supporting family member (parent, grandparent, sibling, adult child).

Additional Benefits of DTC Approval

Registered Disability Savings Plan (RDSP):
Once approved for the DTC, you become eligible for an RDSP, where the government contributes grants and bonds:

• Canada Disability Savings Grant: Up to $3,500 annually
• Canada Disability Savings Bond: Up to $1,000 annually
• Lifetime maximum: $90,000 in grants and bonds

Child Disability Benefit:
If you have a child under 18 approved for the DTC, you can receive up to $3,173 annually (2024) tax-free through the Child Disability Benefit.

Other Programs:
DTC approval can help you qualify for:

• Provincial disability support programs
• Transit pass credits in some provinces
• Disability supports deduction for work-related expenses

Common Reasons Applications Are Denied

• Medical practitioner didn't provide enough detail about limitations
• The condition doesn't meet the "marked restriction" threshold
• Impairment isn't expected to last 12+ months
• Effects are controlled by medication or therapy

If denied, you can appeal the decision or reapply with additional medical documentation. Many successful applicants have been denied initially and succeeded on their second attempt with more comprehensive medical information.

Download Form T2201: Form T2201
Complete DTC information: CRA Disability Tax Credit Info

9. Employment Expenses: When Your Job Costs You Money

If your employer requires you to pay for certain work-related expenses out of your own pocket without reimbursement, you may be able to deduct them—but only if your employer completes the necessary forms.

Who Can Claim Employment Expenses?

You must meet these conditions:

• Your employment contract requires you to pay these expenses
• You're not reimbursed by your employer
• You use the expenses to earn employment income
• Your employer completes Form T2200 (or T2200S for home office only)

What Expenses Can Be Deducted?

Vehicle Expenses:
If you're required to use your own vehicle for work (not just commuting):

• Fuel and oil
• Maintenance and repairs
• Insurance
• License and registration
• Leasing costs or capital cost allowance
• Interest on vehicle loans

You'll need to track total kilometres driven and work kilometres separately. Only the work-related percentage is deductible.
Example: You drove 25,000 km total in 2024, and 8,000 km were for work purposes. You can deduct 32% (8,000 ÷ 25,000) of your vehicle expenses.

Supplies and Equipment:

• Tools required for your trade (mechanics, electricians, plumbers)
• Laptop or computer if required for work and not provided
• Cell phone expenses (work-related portion)
• Safety equipment and protective clothing
• Technical books and reference materials

Other Eligible Expenses:

• Lodging and meals while traveling for work (away from your regular workplace)
• Parking fees for work-related travel
• Licenses and certifications required for your job
• Office supplies you purchase yourself
• Workspace-in-home expenses (separate calculation)

Special Rules for Certain Professions

Tradespersons' Tools Deduction:
If you're an employed tradesperson (mechanic, electrician, plumber, carpenter, etc.), you can deduct up to $500 in eligible tools purchased in the year that cost more than $1,345.

Transport Employees:
Truck drivers, railway employees, and airline pilots have special rules allowing them to claim meal expenses without detailed receipts, using the simplified method.

Commission Employees:
Salespeople paid wholly or partly by commission have more flexibility in what they can deduct, including home office expenses and promotional costs.

Documentation Requirements

Form T2200 is mandatory. Without it, you cannot claim employment expenses. Your employer must complete and sign this form annually, declaring that these expenses are a condition of your employment.
You must also keep:

• Receipts for all claimed expenses
• Mileage logs showing dates, destinations, and purposes
• Credit card statements
• Logbooks for vehicle expenses

Form T777 (Statement of Employment Expenses) must be completed with your tax return, showing detailed calculations of your claimed expenses.

What You Cannot Deduct

• Commuting costs from home to your regular workplace
• Clothing (unless it's specialized protective equipment)
• Gym memberships or fitness expenses
• Meals eaten at or near your regular workplace
• Expenses your employer could have reimbursed but you chose not to claim

Example: Sales Representative
David works as a sales representative covering southwestern Ontario. His company requires him to visit clients and pay his own vehicle and promotional expenses.
2024 expenses:

• Total vehicle costs: $8,500
• Work kilometres: 18,000 out of 30,000 total (60%)
• Deductible vehicle expenses: $5,100
• Client meals and entertainment: $2,400 (50% deductible = $1,200)
• Cell phone (work portion): $480
• Promotional materials: $650

Total employment expense deduction: $7,430
At a 30% marginal tax rate, this saves David approximately $2,230 in taxes.

Get Form T2200: Form T2200
Get Form T777: Form T777
More on employment expenses: CRA Employment Expenses Guide

10. Other Commonly Missed Deductions and Credits

Canada Pension Plan (CPP) Contributions on Self-Employment Income

If you're self-employed, you pay both the employee and employer portions of CPP—but you can deduct the employer portion (50% of your total CPP contributions) on line 22215 of your return.
For 2024, self-employed individuals pay up to $7,735 in CPP contributions, meaning you can deduct up to $3,867.50.

Carrying Charges and Interest Expenses

If you borrowed money to invest (not for RRSPs), you can deduct:

• Interest