How Do I Save Tax in Canada? Watch Video
Allan Madan, CPA, CA
How do I save on tax in Canada? This is the million dollar question that everyone wants an answer to. Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
I travel from New Brunswick to Alberta to work a 14 day on and 14 day off rotational shift, flying both ways and paying hotels and meals along the way. Am I able to claim any of this on my income tax return? I am an employee and do not have an incorporated business.
Thanks
Chris
Hi Chris,
You can claim traveling expenses as a tax deduction on your tax return, if you meet the following conditions:
1) You are required to pay for your own travel costs as a condition of your employment
2) You did not get reimbursed by your employer for the travel costs, or receive a non-taxable travel allowance from your employer
3) Your employer has completed form T2200, Declaration of Conditions of Employment
4) As part of your job, you regularly have to travel away from your employer’s office to different places
Thanks,
Allan Madan, CPA, CA
Tel: 905-268-0150
I know that the lower income earner can deduct childcare expenses in Canada, but my question is this: If I borrow money to pay te childcare expenses, can I deduct the interest too?
Hi Denny,
Interest on loans are only deductible when the borrowed funds are used to generate income. Unfortunately, borrowed money to pay child care expenses are not deductible.
i have to travel to the city every day for work, can i claim tax back on my mileage?
it takes 1hr there and 1hr back, so i would be traveling to and from work, not sure if this is counted for tax return
Hi Jilian,
No, the CRA does not allow commuting as part of employment expense.
If you were required to travel because of your work to a client’s site or to vendors, then those would be considered employment expense.
If I make a loan amounting to 10,000 cad @ 4.5% and used the proceeds to buy blue chips stocks can I used the interest as a deduction to my income.
Hi Julius,
Yes, you can write-off the interest.