12 Mar Tax Season Preparation – Your personal to-do list
As tax season is approaching we wanted to send a few quick reminders about items to include in your personal return:
Medical expenses-qualifying medical expenses may be claimed for a non-refundable tax credit on your personal tax return. Dependents for this credit include those people in your family (children, parents, grandparents, aunts, uncles, nieces or nephews) who you are providing the basic necessities of life such as food, shelter and clothing on a regular and consistent basis.
If you are self-employed or incorporated, you may already be using a health spending account which may be more tax effective than deducting medical expenses on your return. Please click here for information about our health spending account.
Charitable Donations-Qualifying charitable donations made in the 2017 calendar year (or unclaimed donations made in any of the previous five years) can be claimed by the taxpayer. CRA generally allows one spouse to claim all the donations made by the taxpayer and/or her spouse or common-law partner.
Interest expenses and carrying charges-If you have borrowed money to invest, it is important to check with your tax professionals to see if interest can be claimed as a tax deduction.
Childcare expenses-child care expenses can be claimed by the lower income spouse in most cases. The deduction will depend on the age per child and include payments today cares, day camps and preschools where the primary goal is to care for the children.
Small-business owners and Federal Budget 2018-the recent budget that was announced affects small-business owners in several ways. Tim Cesthick recently published a great article in the Globe and Mail found here on this topic https://www.theglobeandmail.com/globe-investor/personal-finance/taxes/federal-budget-affects-small-business-owners-in-two-ways/article38172541/?utm_source=Shared+Article+Sent+to+User&utm_medium=E-mail:+Newsletters+/+E-Blasts+/+etc.&utm_campaign=Shared+Web+Article+Links