Ottawa Auto Title Loans References: Commonly Overlooked Tax Deductions - Instant Loans Canada


Ottawa Auto Title Loans References: Commonly Overlooked Tax Deductions

May 25, 2014

The tax season is one of the most dreaded yet favorite time of the year of Canadians. This is because aside from the fact that it is the time for filing taxes, it is also when taxpayers receive back excess taxes as tax returns. As many of the Canadians end up with financial obligations such as bank loans, auto title loans and the like, getting a tax refund can be a relief as they can use such funds to pay off their financial obligations. Luckily for those who obtained auto title loans, they can instantly pay off their loans entirely without suffering from any fees and charges because of the auto title loans offer no prepayment penalties. This is what separates Ottawa auto title loans from bank loans and credit unions as the latter have prepayment penalties so you cannot really clear off your financial obligation out rightly when you have the means.

Since the tax season is near and you are expecting tax refunds, we see it fit to give you a wider amount of information on the commonly overlooked tax deductions which you can claim as a refund. Some of these deductions are enumerated below:

  • Student Loan Interest. You need not include interest on your student loans when filing out your tax forms. These can be deducted from your tax obligations. In fact, you are allowed a deduction up to $2,500 annually if you qualify. In case you accidentally paid the same, don’t worry as you can just easily claim it as a tax refund.
  • Charitable Donations. Have you ever donated cash to a tax-exempt institution like a charitable institution? If so, you are allowed to deduct your donation from your taxable income. This is often forgotten by taxpayers; which is the reason why they end up paying more than they should. Again, just claim it as a refund.
  • Voluntary Work Expenses. You may also deduct payments you’ve made out of your voluntary work. This includes mileage and travel expenses related to your voluntary work. Keep these in mind when filing for your taxes.
  • Medical Finances. If your medical expense exceeds the allowed limit, you can claim such excess as refund in case you have accidentally included it to your taxable income. Many of the borrowers of auto title loans rely on this tax deduction as a fund to repay their loan obligations because it is often overlooked as a tax deduction during the tax season.