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Don’t miss this last-minute tax tip!

If you tell your students to check their work before submitting it, maybe you should take your own advice.

You may have completed your tax return, and even be expecting a return (which is earmarked for the reno you’re planning when you’re off this summer). But wait! Before you send it off, double check that you’ve allowed for this unique tax deduction that you, as an education member, may have!

Educators Certified Financial Planner professional Marian Ollila has worked with members of the education community for years, and is aware of the special issues teachers have. “Education members need to be aware of the special tax deductions that apply to professionals, and make the most of them.”

Get what’s owed to you by claiming your annual union or professional dues.

While you can’t claim dues you have been reimbursed for, initiation fees, licenses, or any other special fees or charges, you CAN claim fees paid related to employment (or amounts that were paid for you by an employer and reported as income. The deduction of union and professional dues was implemented by Prime Minister Louis St-Laurent in 1951.  The credit recognizes the mandatory expenses people incur to earn employment income.

The types of eligible fees include:

  • annual union dues, including associations of public servants;
  • professional board dues that are required under law;
  • professional or malpractice liability insurance premiums;
  • professional membership dues that are required to keep professional status; or
  • parity or advisory committee dues required by law.

These dues should be reported on Line 212 of your tax return. Don’t accidentally claim the same amount twice – employers may show dues withheld from pay on your T4, while the union may also give you a receipt for the same expense.

It pays to work with professionals. Always consult with a tax consultant for advice on your taxes. And remember that Educators Financial Group was formed with one purpose in mind: to help members of the education community with their financial needs. We know educators best.

For assistance on how to reach your financial goals, work with an Educators financial specialist.  Contact us today or call 1.800.263.9541.

For more information on the educator-specific tax credits, read this article: Tax credits: what you don’t know can cost you.

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.

 

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