20 Income Tax Deductions in the Canary Islands for Your Tax Return

Discover the various income tax deductions available in the Canary Islands for the 2023-2024 tax year. Maximize your tax savings with our comprehensive guide.

According to the Tax Agency, the Canary Islands are home to nearly one million taxpayers who file their income tax returns each year. As the 2023 Income Tax Campaign continues and looking forward to the 2024 tax return, many of these taxpayers will be looking to maximize their deductions to reduce their tax bills.

To benefit from any regional deductions, you must prove that you were a tax resident in the Canary Islands for at least 183 days in the tax year 2023.

Key Income tax Deductions Available in the Canary Islands:

1. Ecological Donations:

   – For donations made for environmental purposes.

2. Historical Heritage Donations:

   – For donations made to rehabilitate or conserve the Canary Islands’ historical heritage.

3. Cultural, Sporting, Research, or Teaching Donations:

   – For donations and contributions to cultural, sports, research, or educational activities.

4. Non-Profit Donations:

   – For donations made to non-profit organizations and charities.

5. Restoration of Cultural Properties:

   – For amounts spent on restoring, rehabilitating, or repairing properties declared as cultural heritage.

6. Educational Expenses:

   – For study expenses in nursery, primary, and secondary education, as well as high school and vocational training.

7. Relocation Within the Archipelago:

   – For moving to another island for employment or to start an economic activity.

8. Home Buying for Young People:

   – For cash donations to children or adopted children under 35 for buying or renovating their first home.

9. Birth or Adoption Expenses:

   – For expenses related to the birth or adoption of children.

10. Support for Disabled and Elderly:

    – For disabled taxpayers and those over 65 years of age.

11. Foster Care:

    – For taking in foster children and related expenses.

12. Single-Parent Families.

13. Childcare Expenses.

14. Large Families.

15. Main Residence Investments:

    – For investments in the main home, including energy efficiency improvements and adaptations for people with disabilities.

16. Renting the Main Residence:

    – For renting the main residence, including specific situations linked to dation in payment operations and insurance premiums to cover non-payment of rent (deduction for the landlord).

17. Unemployed Taxpayers.

18. Medical Expenses:

    – For expenses related to medical care such as dentist, medical insurance, opticians.

19. Supporting Disabled Dependents:

    – For expenses incurred for the care of disabled dependents.

20. Addressing Price Increases:

    – For taxpayers affected by significant price increases.

For detailed information on each deduction, visit the Tax Agency: Autonomous Community of the Canary Islands website

If you need assistance navigating these deductions or have any questions, the team at Rosenov & Quintero Accountants is here to help – contact us now.

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