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Top 4 overlooked tax deductions & credits to score you a big return

BT Toronto | posted Tuesday, Apr 4th, 2017

Filing your taxes can seem like a daunting task but it doesn’t have to be. The hardest part is knowing what you’re eligible to deduct and claim for credits on your return. There are many tax-saving opportunities that people easily forget about and this list is a good reminder on what kind of tax relief is available to you as a taxpayer.

What’s the difference between a deduction and credit?

A tax deduction reduces the amount of income you have subject to the tax whereas the tax credit reduces the tax owing.

Here are the top 4 overlooked tax deductions & credits you may not have known could score you a big return.

1. Medical Expenses- (Lines 330 and 331)


  • Dental
  •  Tutoring for someone with a learning disability


  • Prescription drugs
  • Equipment to relieve or treat an illness.
  • Gluten-Free products

2. Charitable contributions (Line 349)

  • Keep track of your receipts
  • Consider pooling them with your spouse, credit goes up the more you donate after $200.
  • Union / Professional Dues (LINE 212)
  • Moving expenses deduction if you are moving at least 40km to be closer to work. (Line 248)
  • Real estate commissions
  • Transportation and storage
  • Utilities and disconnections
  • Travel expenses- hotels and meals

3. The Disability Tax Credit (Lines 316-318)

Tax credit for people with a disability or those helping a person with a disability.

  • Child with Type 1 Diabetes
  •  Parkinson’s
  • Depression

4. Eligible Dependent Credit (Line 305)

You may be able to claim this amount for one other person if at any time in the year you met all of the following conditions at once:

  • You did not have a spouse or common-law partner or, if you did, you were not living with, supporting, or being supported by that person.
  • You supported a dependant in 2016.
  • You lived with the dependant (in most cases in Canada) in a home you maintained. You cannot claim this amount for a person who was only visiting you.


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