Tax saving for tradespersons – Canada Revenue Agency
By Anthony Capkun
March 15, 2012 – Did you know that, as a tradesperson, you may be eligible for certain deductions?
You can claim certain expenses you paid to earn employment income as a deduction, but only when your employment contract required you to pay for your own expenses, and either you did not receive an allowance for them, or the allowance you received is included in your income. For more information, visit www.cra.gc.ca/employmentexpenses.
If you had expenses that included GST/HST in the course of your employment duties, and you deducted these expenses from your employment income, you may be able to claim a rebate of part or all of the GST/HST you paid on these expenses.
Keep all receipts and documentation to support the claims made on your return.
The deadline for filing your individual income tax and benefit return is midnight on April 30, 2012. However, if you or your spouse or common-law partner carried on a business in 2011, you have until June 15, 2012, to file your return. You must pay any balance owing for 2011 on or before April 30, 2012, regardless of your filing due date. In addition to these deductions, other credits, deductions and benefits may be available to you. Again, for more information, go to www.cra.gc.ca/trades.
The Canada Revenue Agency (CRA) says its online services make filing even easier. For more information, go to www.cra.gc.ca/getready.