2020 Tax Deductions & Tax Credits

HERE ARE SOME OF DEDUCTIONS & CREDITS....

LIST OF SOME TAX DEDUCTIONS (2020)

● Registered pension plan (RPP) deduction

● RRSP deduction

● Annual union, professional, or like dues

● Child care expenses

● Disability supports deduction

● Business investment loss

● Moving expenses

● Support payments made

● Carrying charges and interest expenses

● Deduction for CPP or QPP contributions on self-employment and other earnings

● Deduction for CPP or QPP enhanced contributions on employment income

LIST OF SOME TAX CREDITS (2020)

● Basic personal amount

● Age amount

● Spouse or common-law partner amount

● Canada caregiver amount for infirm children under 18 years of age

● Amount for an eligible dependent

● Base CPP or QPP contributions through employment income

● Home buyers’ amount

● Canada employment amount

● Employment insurance premiums through employment

● Adoption expenses

● Digital news subscription expenses (New)

● Interest paid on your student loans

● Your tuition amounts

● Tuition amount transferred from a child

● Donations and gifts

● Eligible medical expenses you can claim on your return