Tax Deductions for Building and Construction Employees
There are a range of tax deductions available to you, based on your occupation, if you work in the building and construction industry. We've compiled a list of deductions you can claim before October 31 to make things easier for you.
Tax Deductions for Building and Construction Employees: Motor Vehicle, Meals, and Travel
If you use your personal car for work purposes, including travel to meetings, conferences, or training outside your usual workplace, or when you visit patients at their homes, you may be able to claim the cost of the automobile. In order to provide an estimate of how many kilometres were driven, you need to keep a journal of your trips if you plan on claiming the costs associated with the use of your personal vehicle.
Tolls and parking fees can be claimed if the travel meets the two rules for claiming travel expenses above.
For business-related overnight stays, you may claim meals, accommodations, incidentals, and travel expenses (vehicle, airfare, public transportation and taxi fares) as long as your employer does not reimburse these expenses.
Tax Deductions for Building and Construction Employees: Work Clothing
As a deductible expense, you can claim the costs of renting, buying, laundering, and repairing compulsory uniforms with a company logo.
Deductions for protective clothing and footwear include:
Glasses, gloves, steel-cap boots, high-visibility clothing, overalls, heavy duty shirts and pants, and fire resistant clothing are all safety items
Sunscreen and protective clothing
Tax Deductions for Building and Construction Employees: Training
If your self-education strengthens your skills or increases your income potential in your present position, you may claim it as a deduction.
You can claim the cost of attending seminars, conferences and training courses such as first aid courses.
It is possible to claim textbooks, course fees, stationary, Internet access, student union fees, travel expenses, and the decline in value of equipment (such as computers).
Tax Deductions for Building and Construction Employees: Other Expenses
Be sure to retain copies of the invoices supporting your work-related phone claims to support your claim.
Fees for union and professional associations can be claimed.
Working from home may be eligible for a deduction if you incur work-related
expenses. Taxation allows a deduction of $0.52 per hour for expenses such as heating, cooling, lighting, and depreciation of general office furniture. Expenses such as stationery, telephone, internet, computers, etc can be claimed separately.
Purchases of work-related equipment under $300 are eligible for immediate reimbursement. A depreciation expense can be claimed if the equipment cost more than $300.
Purchasing tools can be covered by insurance claims, and interest charges on borrowed funds can be covered as well.
If you renew your licenses and certificates, you can claim them. However, you cannot claim the cost of getting them.
Feel free to contact us for any assistance you may require. At Accounta, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.