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Year End Tax Preparation

December 16, 2017

 

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!

 

Medical Receipts

 

– The government can request for these usually months later even if you don’t have to send them in with your tax return
– Contact your pharmacist, chiropractor, dentist, about making a summary form for you to gather receipts if you have gone
– Any larger expenses that weren’t able to be claimed the year before can be claimed in any 12 month period but needs to be more than 3% of your net income
– Check the CRA medical expenses website for a list of what is eligible and not eligible

 

Non-Registered Investments

 

– 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

 

RRSP

 

– 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.

 

Tuition

 

– 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.
– 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!

 

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