The following tax deductions which are missed sometimes can bring higher Tax Refund.

• The most missed tax deduction is claiming the safety deposit box.

• The most lucrative tax deduction is qualifying moving expenses including real estate commissions, which can run well into the five figures in some cases.

• The Disability Tax Credit, claimed by someone who is markedly disabled on a permanent basis, or their supporting individual is also most lucrative Tax Credit

• The most missed Tax Credit is Medical Expenses. It’s usually best to claim them on the return of the spouse with the lower income.

• Missed Capital Losses – Reporting Capital losses could be worth thousands, wiping out capital gains. If you have no gains in current year, it can be used to wipe out taxes on capital gains of prior 3 years or on future gains too.

• Give stock to charity instead of selling them first for cash and then donating. You will avoid paying tax on those gains completely and you will get a donation receipt as well.

• Missed Babysitting deductions – Child care deductions include baby-sitting, day nursery services, day camps, boarding schools and overnight camps. Child care expenses usually must be deducted by the spouse with the lower income.

(Chartered accountants based in Mississauga and Etobicoke)