There are several ways to potentially lower your tax bill when you understand all of the deductions, credits, and strategies that are available to you.
✅ Increase Retirement Contributions
• Registered Retirement Savings Plan (RRSP) contributions are tax-deductible, so contribute before March 1, 2021, to write it off your 2020 taxes.
• Maximize tax savings by deferring your RRSP deduction if you anticipate moving up a tax bracket next year.
✅ Deduct Child Care Costs
• For families who paid someone to watch the kids while they worked.
• Deduct up to $8,000 per child under age seven, and $5,000 for kids aged seven to 16.

✅ Credits for Student Loan Interest
• Applies federally and provincially.
• To determine your credit amount, multiply the lowest tax rate by the loan interest amount.
• This interest credit can be applied on any return for the next five years, so claim it when it works best for you.
✅ Claiming Medical Expenses
• Eligible medical expenses include contact lenses, hearing aids, hospital care, travel costs for medical care, and many more.
• If you’re filing with your spouse, it could be better for the partner with the lower net income to claim the expenses.

✅ Home Office Deduction
• Designed for the self-employed, so salaried employees who worked remotely in 2020 should check the Canada Revenue Service’s website for details on what they
may claim.
• Always double-check your claims to make sure everything is accurate and eligible.
Take care,
Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com
Want more ways to save come tax time? Call me for a referral to a trusted tax professional!
SOURCE: Canada Revenue Service
© 2021 Buffini & Company. All Rights Reserved. RMMK JANUARY EREPORT C. Used with permission.
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River rafting is available just an hour away from Vancouver on the Chilliwack River. You can have a variety of adventures on the river from heart-pumping rapids to a bit more of a scenery family-oriented ride.











How Mead is Made


They encourage you to come shop for fresh veggies from their local farm in South Surrey. They have a selection of fresh sustainably grown vegetables, flowers, meat, cheese, bread, eggs, and honey. Every Tuesday they handpick their vegetables and have them fresh for you. on Tuesdays, you are invited to come and visit their chickens and cows and see how their vegetables are grown.





