PSYCHOLOGY

Want To Save Some Cash? Getting A House Pet Can Earn You Tax Breaks

Date April 2, 2018 15:29

House pets are underrated. A lot of emphasis often gets placed on the responsibility that goes into maintaining them. Not enough is said about the benefits of having them in a home.

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Why you need a dog

But, every dog owner will tell you that there are many benefits to having dogs around the house. To start with they teach responsibility in a way nothing else can.

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A dog owner learns to take care of a creature other than themselves. Whether you like it or not, you warm up to your dog, because let's face it, they are cuddly creatures.

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Nothing beats coming home from work to the kisses of your dog.

Tax friendly dependents

Pets are not just great for the human connection. They do their bit around the house when it comes to picking up those bits of food that fall from your plate. And, you couldn't possibly have guessed it. They help with your taxes too, and this is how.

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Pet owners are entitled to a few tax deductions here and there. If you give donations and/or volunteer at your local non-profit animal shelter, you should keep receipts and letters from your volunteer work.

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They go a long way when it comes to tax deductions according to TurboTax tax expert, Lisa Greene-Lewis.

If you have a guard dog, you are entitled for some deduction on expenses regarding training, veterinarian care and even pet food.

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You are also entitled to deductions if you are changing jobs and moving your pet along with your personal belongings to a new place.

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And you may want to consider signing your dog up to help people with disability. This is a necessary service, and it can get you a tax deduction.

Don't be too happy about tax cuts

You shouldn't get too happy about getting too many tax cuts though. Taxes are important.

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In Canada, the average household reportedly gets about $41,000 in public services each year.

These taxes go a long way to keeping streets safe, providing education, healthcare, legal safeguards for businesses and employees, and public parks. That's a great bargain.

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