From dental checkups and laser eye surgery to orthopaedic shoes and private insurance premiums, the CRA allows you to claim a variety of medical expenses as non-refundable tax credits. Make sure to keep all your receipts, prescriptions, and other supporting documentation in case the CRA requests to see them later.
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Tax tip found at canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return
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If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year. “Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”
Have questions?
Give us a call at 905-571-2665 (BOOK)!
Tax tip found at: canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return
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Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
Tax tip found at canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return
We’ve got you covered!
