Tax write-offs that Canadians often get wrong Apr 18th

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Tax write-offs that Canadians often get wrong

– moneysense.ca

I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply.

Safety deposit box

Back in the olden days, investors sometimes kept stock certificates in their safety deposit box at the bank. As a result, taxpayers could claim a deduction for their annual safety deposit box fee as a carrying charge to earn investment income.

Some older taxpayers mistakenly believe this deduction still applies; however, it was eliminated in 2013.

RESP contributions

Registered education savings plans (RESPs) are tax-preferred accounts. The investments grow tax deferred, and withdrawals are only partially taxable to the beneficiary child or grandchild.

Unlike registered retirement savings plan (RRSP) contributions, RESP contributions are not tax deductible. There is a 20% government grant—and for low-income contributions, there may also be government bonds deposited to the account, as well…

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