Tax Deductions for Self-Employed Workers in Canada
Explore the beneficial tax deductions available to self-employed individuals in Canada. Reduce your taxable income by taking advantage of deductions for home office, vehicle expenses, business expenditures, and contributions to your Registered Retirement Savings Plan (RRSP). Maximize your tax benefits while staying fully compliant with the Canada Revenue Agency (CRA) regulations. Consult our comprehensive guide to optimize your tax situation as a self-employed worker.
The main tax deductions available in Quebec: what you need to know
Quebec’s major tax deductions help you reduce your tax bill. Keep your receipts and consult a pro to maximize your savings.
Key documents to enclose with your tax return
Essential documents for your tax return: T4, T5, T4RSP, T4A, RC62 slip, T5007, Relevé 5, income and expense form, RRSP contribution receipts, T2202, charitable donation receipts, adoption invoices, medical expenses, public transit receipts. Maximize your tax benefits by being well prepared!
Enhanced tax credit for workers age 65 and over
The tax credit for workers aged 65+ will be improved by Revenu Québec. Eligibility age lowered to 63, maximum amount increased to $10,000 on eligible income.
Rental property owners: production of statement 31
Landlords must give Relevés 31 to tenants by Feb 28, 2016. Info used for solidarity tax credit on tax return. Contact us for assistance.
Eligible dependant tax credit
Applying for this credit is not as straightforward as applying for other credits for parents and carers of dependants.
