Dang: Almost Forgot Safe Deposit Box

in CRA, Income Tax, Safety Deposit Box, T4

Remember that your safe deposit box is no longer a valid carrying fee.

Yup, whilst doing the Great American Novel also known as my tax returns for my Family I went over last year’s returns to see what I had forgotten and sure enough from Line 221 leading to Schedule 4 in my return, I had forgotten to declare my Safety Deposit Box (again). I do this every year but this is why it is important to review your previous returns to see if you are forgetting things.

This may not seem that important but each of these small things really do add up in terms of money back from your taxes. What other things have I almost forgotten over the years?

  • Active child tax credits (and this year, if you are an Ontario resident, you get some there too).
  • Charitable donations, in general. Many of these get forgotten and if there isn’t a receipt (or you were given the receipt last April, and you forgot to file it), you can lose out on some easy refund money.
  • Moving Expenses, if you are a new grad and you moved to somewhere new to get a job, that is part of your taxes, and you should look into this. I forgot this on my first taxes (but back then we did it with pencils and forms, so I can be forgiven).
  • Rental costs if you are a student (or if you rent), remember that could add up depending on how much your income might be.
  • Actually filing your return!

Yup, I know more than a few folks, who have not filed their tax returns for the past few years. I am astounded that these folks haven’t, since they most likely are owed money by the government.

Don’t forget some of these easy credits or deductions and for gods sake, please file a return!

{ 1 comment }

  • Kay February 28, 2011, 9:13 AM

    What are these rental costs? Are these only for Students?

    I’ve forgotten active child tax credit so far for the last couple of years. Thanks for the reminder.

    Btw, Has the Quicken giveaway winner has been announced or is the giveaway still on? Can’t seem to find it.

    Reply

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