A deduction reduces your taxable income. If you earn $60,000 and claim $5,000 in deductions, you're only taxed on $55,000. Moving expenses. If you moved at least 40 km closer to a new job or school, you can deduct moving costs including transportation, storage, travel, and temporary lodging. Home office expenses. If you worked from home, you may be able to claim a portion of rent, utilities, internet, and office supplies. Union and professional dues. If your job requires you to pay union dues or professional membership fees, these are deductible on line 21200. Carrying charges. Fees paid for investment advice, safety deposit boxes, and interest on money borrowed to earn investment income are deductible. Student loan interest. Interest paid on qualifying student loans (federal or provincial) is a non-refundable tax credit. Child care expenses. Daycare, after-school programs, day camps, and nanny costs can be deducted. Northern residents deduction. If you live in a prescribed northern zone for at least six consecutive months, you can claim a residency deduction.