The Informant

(Grande Page 5)

Tax Tips “The Man” Doesn't Want You To Know

Trying to navigate the Canadian Tax Code is like wandering shoeless and blindfolded in Antarctica. We still have to do it, but you can reduce the pain by taking the time to implement some of these tax-saving strategies before year end.
According to Darlene Cox of Stevenson Consulting medical expenses don’t need to create a significant loss for taxpayers. In some scenarios you can claim your travel mileage and other expenses.
Doctor prescribed pharmaceuticals, therapeutic massage among other items may also qualify for a tax credit and refund supplement.
Full-time students establishing a home at least 40 km closer to their educational institution can also claim their moving expenses.
Keep an eye out for  expenses that may be eligible for tax deductions or credits such as: alimony and maintenance, child care expenses, investment counsel fees, professional dues, charitable donations, medical expenses and political contributions.
Speaking from personal experience, late filing and paying can result in costly penalties and interest. My advice: file and pay by April 30th to avoid these costs. In some cases, you might even be better off borrowing to pay the tax.
More tax tips next issue.