1. Medical expenses: If you pay a healthcare premium to your employer, this is considered a medical expense as well as any deductibles or out-of-pocket expenses that are not covered by your plan. If you purchase healthcare insurance to travel, this can also be claimed as a medical expense.
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income tax
When it comes to doing your taxes, whether you do them on your own or hire an accountant, you will need to get your papers in order. Examples of items you will need to do your taxes are as follows:
1. Charitable donation receipts
2. Moving expenses
3. Medical, dental, medical insurance, and nursing home expense receipts
A lot of people don’t realize that they can claim many of their medical expenses incurred throughout the year. Any time you fill a prescription, be sure to keep the receipt tucked away for income tax purposes in order to benefit from the tax credit.
Are all medical expenses eligible?
No, not all medical expenses are eligible. Examples of ineligible expenses include gym fees, blood pressure monitors, and organic food. For a more complete list, check out this Canada Revenue Agency (CRA) link.
You can decrease the amount of income tax you pay by donating money to registered charities. When you file your taxes, be sure to include all your official donation receipts received from the organizations in order to take advantage of the tax credit. Donating to charities is a meaningful way to decrease your taxes and to support a cause you are passionate about.
How do I know if a charity is registered?
If you are unsure if a specific charity is registered, you can search the listings on the Canada Revenue Agency (CRA) website.