Newly employed? Know your tax deductions Jul 24th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?

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Newly employed? Know your tax deductions

– moneysense.ca

Convocations and graduation ceremonies are over and new employment contracts are in place. Now, it’s time to understand the tax consequences—especially when take-home pay is a lot smaller than expected.

Most new employees can benefit from an onboarding process that includes information about claiming reimbursements for out-of-pocket expenses, pension contributions, or how to deduct unreimbursed costs. Here’s a primer to share.

A tax credit for every employee

A non-refundable tax credit is available for all people who report employment income. It’s called the Canada Employment Amount and it’s claimable without receipts to reduce taxes payable. It covers the costs of travelling to and from work, or other personal costs of working, like buying lunches, new shoes, dry cleaning and so on.

For 2026 the maximum claim is $1,501 on the federal tax return.

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