CORNER Deduct This
The unpleasant experience is right up there with a visit to the dentist or the loss of someone near and dear. Unfortunately, this is a yearly event and can be stressful and sometimes outright painful. I am lamenting that not only will I have to get my taxes prepared I will probably need to cash in my RBCRF (Registered Beer Can Retirement Fund) to pay for the preparation and owed taxes. If you only knew how dedicated I am to increasing the size of my RBCRF by supporting local beer stores and breweries you would understand my stress.
Some smartypantsknowitallguy once said that there are two things in life that are certain…death and taxes, and another smartypantsknowitallguy said that regardless of how rich or successful you are, we are equals when we are six feet under the sod. I am a good-looking smartypantsknowitallguy who thinks that we can all be equals before we are buried by paying equal taxes and not hiding behind tax shelters, offshore holdings and loopholes. Those one-percenters could make a difference if they paid their fair share, but there are many deductions available to us regular tax payers that can be easily overlooked and may apply to you.
Did you know there is a deduction available if you moved to be closer to getting work? That deduction can also apply if you moved to start a business and when you do start a business every penny is valuable. If you are self-employed, there are many deductions that can make a difference; there are even more if you work from home: Things like office supplies and space, internet and communication connections and even portions of the hydro, gas and electric. If you do have a small business or are self-employed, the Tax Guy likes to see a reason for being self-employed or doing business. That reason is profit, otherwise why be in business? There are times when losses do occur and can be claimed but there are definitely limits.
If you or a dependant has medical costs they can be used as a deduction, providing they are non-reimbursable, keep your receipts even if they are from the medical marijuana dispensaries. If you have a prescription for whatever ails you, you basically have a deduction. Though medical marijuana has been legal in Canada since 2012, people are just becoming aware that claiming the medicine can be a deduction. As so many smartypantsknowitallguys have said before, with regards to these changing tax deductions and changing cannabis laws, “Use but don’t abuse”.
A lot of older folks I know seem to be getting olderer
(a real word…now) and are having more difficulty being mobile and may require some renovations to their homes; those expenses can be deductible. To claim accessibility deductions, the old folks must be at least 65 years or have proven disabilities. Some allowable deductions are for things like wheelchair ramps and door-widening. I hope that the older folks who have medical marijuana prescriptions and are in wheelchairs do not get too radical or crazy on their new tax-deductible ramps or there could be a new Seniors Olympic sport...freestyle wheelychairing. Far out old dudes!
For the briefest of silly moments, I actually considered doing my own taxes. After consideration, I decided that there are many cases for using a professional. I know where my limitations are…If I needed open heart surgery, chances are pretty good I would mess it up if I did it myself, even with the help of Google and Youtube, so this year as in the past years, I will have an expert prepare my taxes…Mrs. B.