It’s tax time again, and we’re here to remind you of a few things people forget to claim back. Did you know that there are some medical tax deductions that you are entitled to? Well, the VancouverSun writes of the 10 medical tax deductions that can save you money.
First, the article suggests a great tip, which is to ask your pharmacy to print off one receipt with the gamut of drugs that you’ve purchased in the year. This will help you keep track and highlight the expenses you want to claim back.
This misunderstood and least-used tax deduction includes prescription drugs, eyeglasses, medical-related home renovations (great for the elderly who’ve had to modify their home to be able to maneuver), dental work and even buying certain kinds of foods for illnesses and ailments. To actually get the full list, you must go to the Canada Revenue Agency website, under Medical Expenses. Here you get to choose health-related products and services that may be expensed from A to Z!
From a bookkeeper’s point of view, you need to keep all health-related expense receipts (put them in a shoebox – that’s what many of our clients do!) Go through and record the expenses, and cross reference with the list available on the CRA website, and check the rules to make sure everything you want to expense is claimable.
A really great tip the article offers is to remember that your medical expenses can be claimed in any 12-month period. So, take a look at your expense receipts and order them in a manner that shows a 12-month period consecutively, no matter the tax year, and claim them. If you need help with this bit, we can come in and organize your expense sheet in a spreadsheet and offer you advice regarding the claim.
The article is full of good facts and tips, and also goes into the benefits and claims of disability tax credits. Read on and make sure you get what you’re owed.
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