Why Women Miss Tax Breaks
Tax season is here, and before you send your files to your tax preparer, take a moment to check if you're leaving money on the table.
Are you overlooking any of these top 5 tax breaks that Canadian women are often missing?
Medical expenses (including mental health & fertility)
Professional development & training
Home office
Business use of vehicle
Childcare
If you’ve spent money in these areas, pay close attention! These are items to ask your accountant or tax preparer about now. They will not often know what you spend your money on unless you tell them, which could be why these have not been deductions you’ve taken advantage of before. You could be leaving money on the table.
Why Women Overlook Deductions
Research shows that women often overlook deductions for a variety of reasons, some are the same as men and some are unique. Here are a few of the most common reasons:
Lack of Awareness
Many women don’t realize what’s deductible. The CRA offers a range of deductions, but if you don’t know about them, you won’t claim them. A little research can go a long way.
Missing Receipts and Records
No receipts, no write-offs. Without proper documentation, you can’t claim expenses. Staying organized throughout the year prevents last-minute scrambling.
Dismissing Small Expenses
Every dollar counts. A $50 business expense at a 29.65% tax rate in Ontario could return over $14 in tax savings. If you would pick that $14 up off the ground while you were out walking with a friend, why not claim it on your taxes?
Fear of Audit
The CRA allows reasonable deductions—don’t let fear stop you. As long as you have documentation and claim only what’s legitimate, there’s nothing to worry about.
Relying on DIY Tax Filing or Basic Software
Tax software may miss key deductions, and DIY filing limits strategy. An accountant can help maximize deductions and ensure compliance with tax laws.
Do any of these resonate with you? Let’s talk about it!
Ask Rosemary will be the next article in this tax series and I would love to answer common tax questions. Please submit your questions to me via email for consideration: Rosemary.Horwood@Gmail.com
Besides from that, happy tax refund season!
