Personal Finance

Tax Write-offs for young guy

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  • Feb 28th, 2017 11:18 am
[OP]
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Nov 2, 2013
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Tax Write-offs for young guy

I'm trying to line up everything for my return and seeing if there are any deductions I am missing. I am a typical young person. Oilfield trucker and electrician for work. Ones I've lined up so far are:

- First-time home buyer
- Charity donations
- Trucker's deduction for being away from home (batching method)
- Education, tuition and textbook amounts
- CPP, EI overpayment

anything else anyone can think of? Medical expenses aren't high enough to claim.
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23 replies
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Aug 18, 2005
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Do you have any professional membership or union dues to deduct?
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Feb 29, 2008
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Jucius Maximus wrote: Do you have any professional membership or union dues to deduct?
Watch out. CRa is clamping down on these. I hade a bunch of these refused. They only accept what dues are necessary.
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Dec 12, 2006
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For medical if you have a plan and pay for it ( through deductions ) you can claim the yearly amount into medical with actual medical to claim if need be.

So for example you pay $30 bi-weekly for medical from work off your pay you can claim 30 @ 26 = $780 on medical to bring up + your actual medical expenses.
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Dec 13, 2016
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theguyz wrote: For medical if you have a plan and pay for it ( through deductions ) you can claim the yearly amount into medical with actual medical to claim if need be.

So for example you pay $30 bi-weekly for medical from work off your pay you can claim 30 @ 26 = $780 on medical to bring up + your actual medical expenses.
Can you clarify/expand on this? For example, I am forced to buy long-term disability coverage through my employer, comes right off my paycheque, and works out to over $1000 a year. I don't have the option to decline the coverage, all employees are forced to take it. Can I add this to my other medical expenses?
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r2edline wrote: Can you clarify/expand on this? For example, I am forced to buy long-term disability coverage through my employer, comes right off my paycheque, and works out to over $1000 a year. I don't have the option to decline the coverage, all employees are forced to take it. Can I add this to my other medical expenses?
dental + medical portion only.

At work we have 2 deductions ( medical & dental ) and long term/death ( manditory and not deductable )

More info here http://www.cra-arc.gc.ca/tx/bsnss/tpcs/ ... t-eng.html

Alot of employers forget this on T4's, but you can take your last paystub for 2016 and use amount on dental and medical to claim.
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mr_raider wrote: Watch out. CRa is clamping down on these. I hade a bunch of these refused. They only accept what dues are necessary.
What dues were rejected and which ones were accepted?
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Apr 20, 2011
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theguyz wrote: dental + medical portion only.

At work we have 2 deductions ( medical & dental ) and long term/death ( manditory and not deductable )

More info here http://www.cra-arc.gc.ca/tx/bsnss/tpcs/ ... t-eng.html

Alot of employers forget this on T4's, but you can take your last paystub for 2016 and use amount on dental and medical to claim.
Most people don't need to bother, as it has to be more than 3% of your income to even count.
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aqnd wrote: Most people don't need to bother, as it has to be more than 3% of your income to even count.
Considering OP's line of work it ( his premiums) won't even be close to making up to 3% of his salary. I think the only time I was ever able to get any claim was the year I paid for my daughter's braces.
[OP]
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theguyz wrote: For medical if you have a plan and pay for it ( through deductions ) you can claim the yearly amount into medical with actual medical to claim if need be.

So for example you pay $30 bi-weekly for medical from work off your pay you can claim 30 @ 26 = $780 on medical to bring up + your actual medical expenses.
Thanks, didn't know that. But unfortunately for medical expenses my total amount has to be >$2700 approx. to be eligible. Will keep that in mind for the future however.
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alanbrenton wrote: What dues were rejected and which ones were accepted?
Accepted: Royal College, Quebec College
Rejected: American Academy, CMA
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OP as a young guy you are supposed to work your @ ss off and pay a lot in tax, so that the old farts can eat and sh!t without lifting a finger.

Kidding aside, back to your original list.
- First-time home buyer
+not directly income tax related. GST/HST rebate?
- Charity donations
+ you get less back in tax credit then you donate. Bad deal financially, but you feel good.
- Trucker's deduction for being away from home (batching method)
+ there is long haul truck driver expense (meal etc.)
- Education, tuition and textbook amounts
+ you get tax credit.
- CPP, EI overpayment
+ you recover overpayment

Then
+tools you purchased for electrician work are deductible.
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max88 wrote: OP as a young guy you are supposed to work your @ ss off and pay a lot in tax, so that the old farts can eat and sh!t without lifting a finger.
That doesn't sound right. Usually the older you are, the more taxes you are paying because you have a higher income. And if you are past your prime earning years, you have already paid your taxes for your whole life.
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Under what line does work related deductables are placed? I had to make a purchase for work with my own money and I want to claim it (kinda like the electrician tools which are required for the job).
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Messerschmitt wrote: Under what line does work related deductables are placed? I had to make a purchase for work with my own money and I want to claim it (kinda like the electrician tools which are required for the job).
Are you salaried? Very few items can be deducted. If you buy safety boots for work, you cannot deduct if you are a salaried employee.
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don242 wrote: Are you salaried? Very few items can be deducted. If you buy safety boots for work, you cannot deduct if you are a salaried employee.
Yes I am, but I know the item is deductible since everybody said they claimed it. But what box number and form is it on?
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Messerschmitt wrote: Yes I am, but I know the item is deductible since everybody said they claimed it. But what box number and form is it on?
Use the T777 form. Can't tell you what box since I don't know what it is (supplies?).
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don242 wrote: That doesn't sound right. Usually the older you are, the more taxes you are paying because you have a higher income. And if you are past your prime earning years, you have already paid your taxes for your whole life.
Only with career growth. When skills are not in demand, or being in a sunset industry, unemployment is more likely which leads to lower zero income zero tax. We all eventually become old farts if we don't die young, eating sh!tting without lifting a finger.
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don242 wrote: Use the T777 form. Can't tell you what box since I don't know what it is (supplies?).
Special clothing required by the job but they are not paying for it.
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mr_raider wrote: Accepted: Royal College, Quebec College
Rejected: American Academy, CMA
Wow, that surprises me that the rejected the CMA. They must really be getting tough.

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