Preparation is key to your finances, so it’s better to be early to get everything all tied up before the rush of business during tax season!
– Although you don’t have to send them in with your tax return, the government can request them (typically months later)
– If you go to the pharmacy, chiropractor, dentist, contact them about making a summary form for you to gather receipts
– If you have a larger expense that you weren’t able to claim last year, you can claim any 12 month period (it needs to be more than 3% of your net income)
– There are some expenses that aren’t deductible that changes throughout the year – check the CRA medical expenses website for a list of what is eligible and not eligible: some include fitness club fees, blood pressure monitors, health programs, surgery for cosmetic reasons
– Need to know what you are getting for the stock, when you bought it, what did you pay for it, did you pay a transaction fee.
– If you borrowed money to purchase stocks, the interest on the loan is deductible – but contact your bank to get a statement for the interest
– If you contribute month to month, you need to get a receipt.
– If it is through your bank, they’re not sending them out anymore. Find out how to access them online. Sometimes there can be different accesses, talk to your advisor!
– You can claim the first 60 days, the contribution you make after the year in either year.
– You can transfer from your child or grandchild up to $5,000 worth of credit. You need to have the tuition receipt from the institution. To get those, use your student ID number.
– Also need to know how much income the student has because if the student makes too much money, they have to use the expense themselves and it’s not transferable
Don’t hesitate to contact us if there are questions or comment below.
Have a great new year and Merry Christmas!