CRA: Hammer Out a Refund on Your Tax Return

 

As a skilled tradesperson, improving your craft is no easy feat. Every day, you try hard to be the best and prove your ability. You’re hands-on, dependable, and take pride in your workmanship. You have the qualifications and you have the skills, but do you have the tools when it comes to filing your tax return?

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Speaking of tools, if you bought new ones for work this year, you may be able toclaim a tradesperson’s tools deduction of up to $500 on your tax return. You may also be eligible for a GST/HST rebate.

 

If you’re self-employed, you may be able to deduct other reasonable expenses you paid to earn income—including vehicle expenses, supplies needed to complete a job, and office space expenses. Have you converted part of your garage into a workspace for building custom cabinets? When you use part of your home for business, you can deduct a portion of your maintenance costs such as heat, home insurance, electricity, cleaning materials, and more. To find out more, go to www.cra.gc.ca/smallbusinessand select business expenses.

    

Don’t forget that the deadline to file your income tax and benefit returnisgenerally April 30th. However, if you, or your spouse or common-law partner, is self-employed, the deadline is June 15th. But take note: if you have a balance owing for 2014, you still have to pay iton or before April 30th, 2015.

 

Employers can benefit too! If your business hires a qualified apprentice working in an approved Red Seal trade, you may qualify to claim the apprenticeship job creation tax credit. This non-refundable investment tax credit is equal to the lesser of $2,000 or 10 percent of the eligible apprentices’ salaries or wages. Don’t need to use the whole credit amount this year? Carry the unused amount back three years or carry it forward up to 20 years! For more information on the Apprenticeship Job Creation Tax Credit and other investment tax credits, go to www.cra.gc.ca.ca/smallbusiness and select investment tax credit.