D KAJ Tax & Financial Corp. | 2020 Tax Deductions & Tax Credits

2020 Tax Deductions & Tax Credits

In simple terms:Tax deductions reduces the amount of income.Tax credits reduce the amount of tax you are owing.
Monday, September 6, 2021
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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
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