Discover Common Tax Deductions for Canadian Residents

RRSP Contributions: The Cornerstone Deduction

RRSP contributions directly reduce your taxable income, which can move you into a lower bracket and amplify tax savings. The deduction appears on your return for the year you contribute, creating a clear link between disciplined saving and immediate, measurable tax relief.

Who Qualifies to Deduct Employment Costs

You generally need a completed T2200 or T2200S from your employer confirming you were required to pay specific expenses. Keep receipts, mileage logs, and a clear rationale. Ask questions in the comments if your duties or reimbursement rules feel unclear this year.

Home Office and Supplies: The Detailed Method

If you meet CRA criteria, you may deduct a reasonable portion of home office costs and certain supplies used to earn employment income. Measure workspace size and exclusive use carefully, and keep bills accessible. Subscribe for our printable workspace percentage checklist.

Vehicle and Travel Expenses, Explained

Eligible employees may deduct employment-related vehicle costs supported by detailed logs and receipts. Track distance for business and personal use, and document destinations. Comment with your favorite mileage-tracking tip, and we’ll feature clever reader solutions in future posts.

Moving Expenses: When a New Job Moves the Needle

Your new home must be at least 40 kilometres closer to your new workplace or school. Map the distance as CRA would, using the shortest normal route. Comment with your scenario, and we’ll point you to the right checklist for documentation.

Carrying Charges and Investment-Related Deductions

Interest on loans used to earn investment income can be deductible if the purpose test is satisfied and funds are properly traced. Keep a paper trail from borrowing to investing. Ask your questions below, and subscribe for our tracing checklist guide.

Carrying Charges and Investment-Related Deductions

Fees for investment counsel may be deductible, whereas costs like safety deposit boxes are not. Review your statements, highlight eligible fees, and confirm descriptions. Share confusing line items in the comments, and we’ll crowdsource clarifications with our community.

Rental Property Deductions: Turning Income Into Net Income

Repairs that restore a property to original condition are often current expenses, while improvements that extend useful life may be capital. Keep before-and-after photos, detailed invoices, and dates. Subscribe for our decision flowchart to document repairs consistently.

Rental Property Deductions: Turning Income Into Net Income

Think mortgage interest, property taxes, insurance, utilities, advertising, management, and maintenance. Track by unit and month to avoid missed claims. Share your favorite landlord spreadsheet template in the comments, and we’ll compile the community’s best practices.

Union dues and professional association fees required to maintain your employment generally qualify. Save annual statements and auto-renewal notices. Comment with your profession below, and we will share a tailored reminder list for your field.

Union and Professional Dues: The Often-Missed Line

Fees to maintain professional standing may be eligible when directly connected to employment. Keep renewal confirmations and payment proofs together. Subscribe for our annual renewal calendar that nudges you before deadlines and encourages tidy receipt management.