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Tax Credits & Expenses You Can Claim In 2022 That Could Save You Money When Filing

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the Canada Revenue Agency (CRA) has shared details of some tax credits that could help Canadians save money when filing :

 

Home office expenses

So if you’re someone who has had to put together a home office, you maybe be able to get money back at tax time.

 

If you worked from home in 2020 or 2021, you may be able to claim some home office expenses.

 

As an employee, you may be able to claim things like “work-space-in-the-home expenses, office supplies, and certain phone expenses.”

More info

 

Medical expenses

Eligible medical expenses, which may include things like prenatal treatments, service animals and laser eye surgery, for example, can be claimed at tax time.

 

“You can claim only eligible medical expenses on your tax return if you, or your spouse or common-law partner: paid for the medical expenses in any 12-month period ending in 2021” and “did not claim them in 2020,” the CRA explains.

More info

 

Home buyers’ amount

 

If you bought your first home over the past year, you can claim up to $5,000 for an eligible property.

 

Eligible first-time buyers can claim this non-refundable tax credit if you (or your partner) acquired a qualifying home and have not lived in a property you owned in the same year or the previous four years.

 

More info

 

Child care expenses

People living in Canada who are the sole caregiver of a child may be able to claim child care expenses on their taxes.

 

There are some caveats and additional factors, but you can still qualify for the benefit if another person has lived with you, in a lot of cases.

 

Child care expenses that can be claimed include, but aren’t limited to, daycare, day camps and more.

 

More info

 

 

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