The Canada Revenue Agency (CRA) offers a variety of tax credits and deductions that can significantly lower your taxable income and increase your refund. However, many Canadians miss out on these benefits simply because they don’t know they exist or aren’t sure how to claim them properly.
At Westview Accounting & Tax Services Inc., we ensure you maximize your tax savings by identifying all available deductions and credits you qualify for. Whether you’re an employee, self-employed, a retiree, or a student, we help you reduce your tax bill while staying fully compliant with CRA regulations.
✔ Tax Deductions—Reduce your total taxable income, which lowers the amount of income tax you owe.
✔ Tax Credits – Directly reduce the amount of tax payable. Some credits are refundable (meaning you can get money back), while others are non-refundable (they only reduce taxes owed).
By properly utilizing both, you can significantly reduce the taxes you owe or increase your tax refund.
✅ Employment & Work-Related Deductions
✔ Work-from-Home Expenses (T777S – Simplified Home Office Deduction) – Employees working remotely may claim home office expenses.
✔ Union & Professional Fees (Line 21200) – Membership dues for trade unions or professional organizations are deductible.
✔ Employment Expenses for Commissioned Employees (T777 – Statement of Employment Expenses) – Sales professionals may claim car expenses, home office costs, and promotional materials.
✅ Self-Employed & Business Deductions
✔ Business Expenses (T2125 – Statement of Business or Professional Activities) – Deduct business-related expenses such as advertising, office rent, and utilities.
✔ Vehicle & Travel Expenses – Self-employed individuals can claim gas, insurance, maintenance, and business-related travel.
✔ GST/HST Input Tax Credits (ITCs)—If registered for GST/HST, self-employed individuals can claim back sales tax paid on business expenses.
✅ Education & Tuition Tax Credits
✔ Tuition & Education Credits (T2202 – Tuition and Enrolment Certificate) – Students can claim tuition fees and carry forward unused credits.
✔ Student Loan Interest Deduction (Line 31900) – Interest paid on government student loans is tax-deductible.
✔ Moving Expenses for Students (T1-M – Moving Expenses Deduction Form) – If moving for post-secondary education or work, students may claim moving costs.
✅ Family & Dependent Tax Credits
✔ Canada Child Benefit (CCB – RC66 Application) – Tax-free payments for parents with children under 18.
✔ Child Care Expenses (T778 – Child Care Expenses Deduction) – Deduct daycare, after-school programs, and babysitting costs.
✔ Disability Tax Credit (T2201 – Disability Tax Credit Certificate) – Provides tax relief for individuals with disabilities and their caregivers.
✔ Canada Caregiver Credit (CCC—Line 30425 & 30450)—Tax relief for those caring for a dependent with a disability or medical condition.
✅ Medical & Disability-Related Deductions
✔ Medical Expenses Deduction (RC4065 – Medical Expense Claim Guide) – Claim medical, dental, vision care, prescription drug, and therapy costs.
✔ Attendant Care & Nursing Home Fees (Line 33099 & 33199) – Claim expenses for in-home caregivers or assisted living facilities.
✔ Home Accessibility Tax Credit (HATC – Line 31285) – Seniors and disabled individuals can claim home renovations to improve accessibility.
✅ Retirement & Savings Tax Deductions
✔ RRSP Contributions (T1 Schedule 7 – RRSP and PRPP Contributions, RC71 – RRSP Deduction Limit Statement) – Contributions to Registered Retirement Savings Plans (RRSPs) reduce taxable income.
✔ TFSA (Tax-Free Savings Account) Optimization—Though contributions are not deductible, tax-free withdrawals help long-term financial planning.
✔ Pension Income Splitting (T1032 – Joint Election to Split Pension Income) – Retired couples may reduce tax burdens by splitting pension income.
✅ Investment & Capital Gains Tax Strategies
✔ Capital Gains Exemptions (T5008 – Statement of Securities Transactions, T1 Schedule 3 – Capital Gains & Losses) – Deferring gains or using losses strategically can reduce taxes owed.
✔ Rental Property Expense Deduction (T776 – Rental Income Statement) – Landlords can deduct mortgage interest, property taxes, repairs, and utilities.
✔ Foreign Income & Tax Credits (T1135 – Foreign Income Verification Statement) – Canadians with foreign investments or rental properties must report assets but may claim tax credits to prevent double taxation.
✅ Homeowner & Real Estate Tax Benefits
✔ First-Time Home Buyer Tax Credit (HBTC – Line 31270) – Provides up to $1,500 in tax savings for new homeowners.
✔ Home Buyers’ Plan (HBP – T1036 Request to Withdraw from RRSP) – Allows first-time buyers to withdraw up to $35,000 tax-free from an RRSP.
✔ GST/HST New Housing Rebate (RC4028 – GST/HST New Housing Rebate Application)—A rebate for those purchasing new homes or doing major renovations.
🔹 Comprehensive Tax Review & Optimization – We analyze your financial situation to identify every deduction and tax credit you qualify for.
🔹 Accurate Tax Filing to Ensure Maximum Refunds – We ensure your T1 return is completed properly so you don’t miss out on tax savings.
🔹 Strategic Tax Planning to Reduce Taxes Year-Round—We provide tax-saving strategies for next year to help you stay ahead.
🔹 Investment & Business Tax Strategies – We help business owners, landlords, and investors optimize deductions and credits.
🔹 CRA Compliance & Audit Protection – We make sure your claims are accurate and well-documented to prevent CRA issues.
✅ Experts in Maximizing Tax Refunds & Reducing Tax Liability – We ensure you claim every dollar you’re entitled to.
✅ Customized Tax Strategies for Your Unique Financial Situation – We tailor tax solutions to your specific needs.
✅ No Missed Deductions or Overlooked Credits—We stay up to date with CRA tax rules to maximize your tax savings.
✅ Full-Service Personal Tax Support— Need help with RRSPs, rental income, investments, or medical tax credits? We offer comprehensive tax solutions.
Many Canadians pay more in taxes than they need to simply because they don’t claim all available deductions and credits. Let Westview Accounting & Tax Services Inc. help you maximize your tax savings, reduce your tax burden, and get the refund you deserve in North Vancouver, BC.
📞 Contact Us Today! Get expert tax filing & deduction optimization services!