If pet owners hope their furry friends are tax-deductible, most Canadians are out of luck. Pets aren’t classified as dependents and can’t be claimed as home security. Nonetheless, animals and associated expenses can be tax-deductible in two scenarios:
The type of expenses claimable include the cost of the animal, as well as its food and veterinary care, reasonable board for the animal, travel costs and lodging for the owner to attend a facility for training of the animal and their owner. Be sure that you are keeping your receipts as proof of these costs.
Before including these costs in your filing, it's important to talk with an accountant or tax specialist to ensure you are staying within the CRA guidelines.
THE 2024 TFSA CONTRIBUTION LIMIT HAS INCREASED TO $7,000! GET AHEAD OF YOUR TAX PREPARATIONS WITH A FINANCIAL PLAN!