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Tips Organizing informationfor tax returns
Hi, my name is Sahil and I’m from Gary Booth Chartered Professional Accountants. Tax season has just finished and we came across several findings that could help you save a significant amount on your taxes during the next tax season.For today I am going to touch on three areas.
1. Self-employment2 employment expenses 3. Medical expenses
1. Organizing Self-Employment Income and expenses
• We noticed that many clients had difficulty in recording all their income and expenses.
We understand that not everyone is proficient in bookkeeping. However it is important to record all income and expenses to ensure that eligible expenses are claimed.
• This will assist us in completing your return in a timely manner and enable our team of tax professionals to minimise your taxes. We have prepared a checklistto assistyou on this. Please visitour website and see the checklist.
2. Claim foremployment Expenses
• Employment expenses are expenses that are requiredas a contractof employment. In order to make this claiman employer hasto sign T2200.
• We have noticedthat peopleare unsure on the requirement of this claim.
• Just as with self-employment income, keeping arecord of all employment-related expenses is very important. If you’re unsure about what you can claim, you can download our checklist from our website at www.garybooth.com by simply clicking on the tax tips tab and then tax info checklist.
3. Claim for Medical Expenses
• The CRA allows people to claim over 100 types ofmedical expenses. We havefound that manypeopleare unsure as to what theycanclaim and how much they can claim?
• Some examples of medical expenses are dental services and prescription. What we would advise is to keep the receipt and thenwe can determine whether it isclaimable
• Also before incurring a significant medical you should contact our office to determine if it is eligible, give us a call at 416-626-2727 and let our professionals help you.
