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New Job?

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I started a new job this year, is there anything I should consider for my taxes this tax season?

Depending on the type of job change you experienced, you may see some changes on your tax return this year

There are a couple things you should consider if you are starting a new job:

  1. Moving expenses

If you moved to be closer to your new job, you may be eligible to claim some of your moving expenses against any income earned at your new role.

 

  1. Employment expenses

If you pay any out-of-pocket expenses, or use your own vehicle for new job, you may be eligible to claim these expenses on your tax return.

 

  1. Source deductions

If you are starting at a new job halfway through the year, it is important that your new employer takes into consideration any income you earned prior to this new job. Otherwise, you may end up owing taxes at the end of the year.

 

  1. RRSP Contributions

If your new role comes with a higher salary, it might be a good idea to start contributing to your RRSP, or increase your current contribution limit. If you are in a higher tax bracket, you are benefiting more from your contributions.

To determine what your RRSP contribution limit is, and to determine your optimal contribution amount, schedule an appointment to sit down with one of our tax advisors today.

Call us to book your appointment at (204) 269-7460

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