Tax Tips

Bus Passes

Bus passes are a tax deduction, but there are rules that must be followed:

  • Only monthly or longer bus passes can be claimed.
  • You must keep both the receipt and the actual cancelled bus pass. This should be kept with your taxes so you can show the government if they ask for proof.

Medical Expenses

Medical expenses can be claimed for any 12 month period ENDING in the current tax year (and not claimed in the prior tax year). Generally, all eligible medial expenses can be claimed, even if they were incurred outside of Canada. When medical expenses are reimbursed by an insurance plan, only the portion not reimbursed can be claimed.

Only expenses in excess of the lessor of $2052 (for 2011) of 3% of net income can be claimed. The lowest tax rate is applied to the medical expenses to determine the amount of the tax credit.

Home Buyers Amount

You can claim an amount of $5000 for the purchase of a qualifying home purchase made in 2011, if both of the following apply:

  • You or your spouse or common-law partner aquired a qualifying home.
  • You did not live in another home owned by you or your spouse or common-law partner in the year of acquisiton or in any of the four preceding years.

Documentation needed:

  • Copy of the purchase agreement
  • Copy of lawyers statement of adjustments
  • Please forward these documents to Whistler Tax Solutions

Tools Allowance for Tradespeople

If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income. 

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