Mississauga T1 Secrets: How to Get Your Biggest Refund Ever

Tax season does not need to be an unpleasant process for residents of Mississauga, full of anxiety, worry, and unexpected bills by the Canada Revenue Agency (CRA). This annual filing of the T1 individual tax form is your largest financial opportunity each year. However, millions of dollars worth of unused tax credits go unclaimed every year. Since Mississauga is one of the fastest growing and expensive urban centers in all of Canada, there are unique benefits when it comes to tax savings for your home, travel, and employment. In order to save yourself money and receive the largest refund possible, you cannot simply rely on T4 slips anymore. 

These are some of the tax secrets of Mississauga by the best Tax accountant in Mississauga to consider during your T1 form filing process. 

Capitalize on the Hybrid Work Reality (The Home Office Tax Credit) 

Mississauga has one of the largest professional workforces, many of whom travel to corporate office parks located within the city or even telecommute from their own homes for Toronto businesses. In case you are working out of your Mississauga home or rental space in 2018, make sure to claim the employment expense deduction. Do note that the flat-rate system has been modified over time, but you can still use the detailed system to deduct home office expenses based on your T2200 Declaration of Conditions of Employment issued by your employer. The Secret is to measure exactly how much square footage in your home serves as your home office space and then deduct some portion of your Mississauga utility, internet, and rent bills, along with some maintenance supplies. 

• Pro Tip: Hold onto your utility bills for your home office, which will be supplied by local utilities such as Alectra Utilities and Enbridge. 

Unlock Peel Region’s Hidden Rental and Housing Benefits 

As housing prices in Mississauga are similar to those in Toronto, paying for shelter is by far the largest cost for households in the area. The good news is that there is actually assistance built into the tax code that most renters and first-time homebuyers fail to take advantage of. 

• Ontario Energy and Property Tax Credit (OEPTC): Being part of the Ontario Trillium Benefit package, this credit aims at reducing income taxes of lower- and middle-class individuals related to property tax and taxes on their energy purchases. Whether you are renting a condo apartment in Hurontario or a basement suite in Erin Mills, you will be able to deduct your rent to increase your monthly Trillium payments. 
• First-Time Home Buyers’ Tax Credit (HBTC): Have you recently bought a townhouse or a condo in Mississauga? You have a chance to take advantage of an increased non-refundable tax credit up to $10,000, resulting in saving yourself $1,500 on your tax bill. For further details, you can contact the best Tax accountant in Oakville. 

Maximize Your Commuter and Moving Deductions 

Being located at the junction of the Greater Toronto Area (GTA), people living in Mississauga regularly experience relocation and transit activities. 

• Moving Expenses: Do you reside in Mississauga because you moved here due to new employment, self-employment, or education at the University of Toronto Mississauga (UTM)? The expenses associated with moving into your new place will be considered fully deductible if your new location is within a minimum distance of 40 kilometres from your work or educational institute. This expense is inclusive of hiring Mississauga movers, truck rentals, storage of items, etc. 
• Medical Travel: Is there any need for you or your family members to travel out of the city for medical purposes that cannot be provided in Mississauga? 

Double-Check Family and Childcare Hidden Credits 

Families with children in Mississauga face the challenge of being both rewarding and costly at the same time. Make sure you take advantage of all possible deductions on your income from any expenses incurred as a result of your family. 

• Children Daycare Expenses: Amounts paid to daycares, camps or babysitters in Mississauga where you have worked or pursued further education are very much eligible for deduction. Remember to always get a receipt with the SIN or Business number of the person providing care. 
• The Canada Child Benefit (CCB): Even though non-taxable, your monthly payments from the government are directly dependent on your filing of the T1. 

Clean Up Your Digital and Gig Economy Filings 

Do you drive for gigs through rideshare apps on weekends in the QEW, or even run an Etsy store from your Port Credit garage? As long as you make money through these gig opportunities, you are considered self-employed under the eyes of the CRA.

The Hidden Secret: Yes, you are required to pay taxes, but you can take full advantage of the allowable deductions for any expenses that help generate that income.

Conclusion 

The action plan is to secure your maximum refund. To ensure that you do not leave money with the government, store your receipt information in electronic format, contribute to your RRSP before the date on which you can lower your tax bracket, and think about seeking the services of a certified accountant in Mississauga. No longer treat your T1 as an ordeal, but as a financial opportunity. In case you are thinking of Mortgage in Mississauga, you can contact the best accountant in Mississauga.