What do I need to keep for personal tax season? Many people each year file their personal taxes without considering the many deductions, credits, expenses and claims they can make simply because they didn’t know they could claim them!
Our advice, keep a folder where you can file away anything that comes in through-out the year which you think ‘could’ be deductible. We can go through these items and claim the valid ones and let you know about any that were not.
Items to consider putting in the file: travel expenses for work (did you drive to another city for a job interview or travel to a clients office in your own vehicle?), medical expenses (include any travel expenses for medical treatment) – this includes anything you paid out of pocket that was not covered by your health care plan including prescription drugs, dental work, casts or braces etc. Moving expenses if you moved to be closer to your work. Legal fees and accounting fees. Tools/work boots/ gear – anything that you are purchasing that is required for you to work. That also includes orthopedic shoes if you work on your feet all day, uniform expenses if you are required to purchase a company shirt or jacket. Union dues or professional fees. Home office expenses. Childcare expenses, child fitness (dance class, hockey registration, swimming lessons), children’s art classes, music lessons etc. Even baby-sitting expenses!
For a complete list of what you can deduct check out the CRA’s list here: https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/tpc-ndx/ab-eng.html
There are lots of benefits to consider and many ways you probably never thought about. We’re to help you save money and receive all of the claims you are entitled to so if you are not sure about something – put it in the folder and we can sort it at year end!