What are Itemized Deductions?

Itemised Deductions are specific tax deductible items which can be used to calculate a tax free allowance, typically used as an alternate to the standard personal allowance when specific tax deductible elements facilitate better tax returns via specific investments initiatives or tax allowances.

What can I claim in an Itemized Deduction?

  • Capital expenditures that are advised by a physician, where the facility is used primarily by the patient alone and the expense is reasonable. Example: A stair lift for someone with a disability or mobility issues
  • Payments to doctors, dentists, surgeons, chiropractors, psychologists, counsellors, physical therapists, osteopaths, podiatrists, home health care nurses, cost of care for chronic cognitive impairment
  • Premiums for medical insurance
  • Premiums for qualifying long-term-care insurance, depending on the taxpayer's age
  • Payments for prescription drugs and insulin
  • Payments for devices needed to treat or compensate for a medical condition (crutches, wheelchairs, prescription eyeglasses, hearing aids)
  • Mileage for travel to and from doctors and medical treatment
  • Essential travel expenses
  • Vehicle registration license fee
  • Property taxes
  • Mortgage interest expense on debt incurred in connection with up to two homes
  • Investment interest
  • Charitable contributions
  • Casualty and theft losses
  • Gambling losses (not exceeding income from Gambling)
  • Job-related clothing or equipment
  • Union dues
  • Unreimbursed work-related expenses
  • Fees paid to tax preparers (accountants etc), or to purchase books or software used to determine and calculate taxes owed
  • Subscriptions to newspapers or other periodicals directly relating to your job

You can calculate how Itemized Deductions affects your tax payments

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