2020 Tax Deductions & Tax Credits

HERE ARE SOME OF DEDUCTIONS & CREDITS….

LIST OF SOME TAX DEDUCTIONS (2020)

• Registered pension plan (RPP) deduction
• RRSP deduction
• Annual union, professional, or like dues
• Child care expenses
• Disability supports deduction
• Business investment loss
• Moving expenses
• Support payments made
• Carrying charges and interest expenses
• Deduction for CPP or QPP contributions on self-employment and other earnings
• Deduction for CPP or QPP enhanced contributions on employment income

LIST OF SOME TAX CREDITS (2020)

• Basic personal amount
• Age amount
• Spouse or common-law partner amount
• Canada caregiver amount for infirm children under 18 years of age
• Amount for an eligible dependent
• Base CPP or QPP contributions through employment income
• Home buyers’ amount
• Canada employment amount
• Employment insurance premiums through employment
• Adoption expenses
• Digital news subscription expenses (New)
• Interest paid on your student loans
• Your tuition amounts
• Tuition amount transferred from a child
• Donations and gifts
• Eligible medical expenses you can claim on your return