I'm going through the Turbo Tax review portion and it has a couple of tax-savings opportunities. See below for the two suggestions.
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1) Your non-refundable credits exceed your tax payable. You can carry all or a portion of your medical expenses forward to next year. To do this remove the amounts and save your receipts for use next year. For amounts from T4 Box 85 or T4A Box 135 delete amounts from slip and add as receipt next year.
2) Your non-refundable credits exceed your tax payable. Consider reducing Capital Cost Allowance (CCA) on fixed assets in your self-employment or rental statements.
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When I remove any medical expense or CCA item for this year, my balance owing increases. I don't understand how this is tax-saving. I don't know how or if it will negatively affect me if I left it as is or how it will benefit me to carry it over for following years.
