Presented by Nguyen Scott LLP – Chartered Professional Accountants Serving St. Albert, Leduc, Drayton Valley & the Edmonton Region
When it comes to filing your taxes, the goal is simple: pay what you owe, not a dollar more. The Canada Revenue Agency (CRA) offers hundreds of tax deductions and credits, but navigating them can be overwhelming.
That’s why our team at Nguyen Scott LLP has rounded up the top 10 most popular and valuable tax credits and deductions for 2024—so you can file with confidence and maximize your return.
1. GST/HST Credit (Refundable Tax Credit)
The GST/HST Credit helps low- to modest-income Canadians offset the cost of goods and services tax (GST) and harmonized sales tax (HST).
– Issued quarterly by the CRA
– Automatically calculated when you file your return
– You must file your taxes—even with zero income—to qualify
2. RRSP Contributions (Tax Deduction)
Contributions to your Registered Retirement Savings Plan (RRSP) reduce your taxable income, which means you pay less tax now while saving for retirement.
- Contributions can be carried forward if not fully used in one year
- Contributions must be made by the deadline to count for that year’s taxes
- Get a bigger refund when used strategically
3. Canada Workers Benefit (CWB) (Refundable Tax Credit)
The Canada Workers Benefit is designed to help low-income individuals and families who are in the workforce.
- Offers additional support for those with disabilities
- You must earn at least $3,000 to qualify
- Benefit amount varies by province and household status
4. Medical Expenses (Non-Refundable Tax Credit)
You may be eligible to claim a wide range of medical expenses on your tax return, including:
- Prescriptions and dental care
- Private insurance premiums
- Mobility or accessibility-related renovations
- Travel costs over 40 km for medical care
*Best claimed by the spouse with the lower income to maximize the benefit
5. Tuition Tax Credit (Non-Refundable Tax Credit)
If you or a dependent paid tuition fees over $100 to an eligible post-secondary institution, you may be able to claim the Tuition Tax Credit.
- Unused amounts can be carried forward or transferred to a parent, spouse, or grandparent
- Most full-time and part-time Canadian programs qualify
6. First Home Savings Account (FHSA) (New in 2023!)
The FHSA combines the benefits of a TFSA and RRSP. It allows you to save for your first home on a tax-free basis.
- Contributions are tax-deductible
- Withdrawals for your first home are tax-free
- $8,000 annual limit and $40,000 lifetime cap
7. Child Care Expenses (Tax Deduction)
If you paid for eligible child care services in 2024—like daycare, babysitting, or camps—you can deduct these costs.
- In two-parent families, the lower-income spouse must claim the deduction
- Helps working parents significantly lower their taxable income
8. Home Buyers’ Amount (Non-Refundable Tax Credit)
First-time homebuyers can claim the Home Buyers’ Amount, a $10,000 credit resulting in up to $1,500 in tax savings.
- You must not have owned a home in the last four years
- Available to both individual buyers and couples
9. Moving Expenses (Tax Deduction)
If you moved 40 km or more to start a new job, run a business, or attend full-time post-secondary education, you may be able to claim your moving expenses.
- Eligible costs include travel, transportation, utility hookups, and temporary living expenses
- Keep all receipts and documents for CRA review
10. Canada Caregiver Credit (CCC) (Non-Refundable Tax Credit)
Do you support a spouse, common-law partner, or dependent with a physical or mental impairment? You may qualify for the Canada Caregiver Credit.
- Amounts vary based on the dependant’s income
- Can be claimed even if you don’t live with the dependant full time
Bonus Tip: Claim What You Deserve—Without Guesswork
Tax deductions reduce your taxable income, while tax credits reduce your tax payable. Both are essential in maximizing your return.
But with so many options, it’s easy to miss something—or accidentally claim ineligible amounts. That’s why working with a trusted CPA can save you time, money, and stress.
Book Your Free 30-Minute Tax Consultation
Whether you’re self-employed, a student, a new parent, or getting ready to buy your first home, we can help you:
- Claim the right deductions
- Maximize refundable tax credits
- Avoid CRA penalties
📞 Call us today at 780-458-5479
🌐 Book your free 30-minute consultation at nsllp.ca
Nguyen Scott LLP – Your trusted Chartered Professional Accountants serving St. Albert, Leduc, Drayton Valley, and the greater Edmonton area.