Tax Time: What’s this box for?
Beyond Basics Office Management knows everyone likes getting a little extra money back from the tax man. Here are some T4 slip boxes that can get you a bigger refund.
Box 32 – Travel in a prescribed zone
You can claim a Northern residence travel deduction if you live in a qualifying area. It doesn’t cost you or the business anything. (Hint: Grande Prairie qualifies!)
Box 42 – Commissions
If you work on commission, make sure your employer put’s an amount in this box so you can claim some eligible expenses and get a bigger refund.
Box 85 – Employee-paid premiums for private health service plan.
It’s important your employer fills this box properly for your share of your private health service plan, including medical and dental plan costs.
If you don’t know about these boxes or have questions, Beyond Basics Office Management can help!
If none of the aforementioned boxes apply to you, RRSP’s are another way to get a larger return. Depending on your income bracket, you can get between 25 and 40 percent of your investment back when you file your taxes. BUT, this only works if you leave the investment in the RRSP’s for the long term. If you take money out of the RRSP You will have to pay tax’s on it.
Here’s some other tax refund opportunities that may apply to you!
Child Care Deductions
There are annual limits that vary with each child’s age. You can claim the following childcare expenses incurred in 2018:
- Caregivers such as nannies and babysitters
- Nursery schools and daycare centres
- Day camps and day sports schools with a primary goal of childcare
Disability tax Benefit
Talk to your tax specialist if you or one of your dependents has a disability. The form T-2201 has to be filled out by you, your medical practitioner, and submitted to the Canada Revenue Agency for approval. This can be applied retroactively to the diagnosis date of the disability.
The form T-2202 that you get from the educational institution allows for the deductions for tuition, education and textbook amounts. Additional deductions students overlook most often are moving expenses and public transit amounts.
Want to learn more ways to maximize your tax return? The pros at Beyond Basics Office Management are here to help. Take a load off with Beyond Basics Office Management. www.beyond-basics.ca
#412, 9728 101st Ave.
Grande Praire, Alberta, T8V-5B6
Phone: (780) 830-1134