As tax season approaches in Canada, it is important to start organizing all of your receipts for expenses in the previous year. This will not only help you claim all the eligible deductions you’re entitled to but also assist us in accurately filing your tax return. If you have incurred any medical or charitable expenses in the past year, this blog will highlight how to organize your receipts for these expenses easily and effectively.
When it comes to medical expenses, many people don’t realize that a significant portion of these expenses may be tax deductible. To claim these deductions, you will need to keep track of all of your medical receipts from the previous year. However, it’s not always easy to keep track of every single receipt. That’s why it’s a good idea to go to your regular pharmacist or doctor and ask them to print out a receipt that contains all of your medical expenses for the past year. This way, you can easily log all of your medical expenses in one place without having to dig up individual receipts.
Similarly, if you’ve made donations to charitable organizations in the past year, you can claim these donations as tax deductions on your tax return. To do so, you will need to keep track of all of your charitable receipts from the previous year. If possible, it’s a good idea to go to the organizations you’ve donated to and ask for a collective receipt of all the donations you made in the previous year. This will make it easier for you to organize your charitable receipts and ensure that you’re claiming all of the deductions you’re entitled to.
However, if you’re unable to obtain a collective receipt from the organizations you’ve donated to, it’s still important to arrange the receipts of all the donations you made in the previous year. This can include receipts for cash donations, charitable event tickets, and other charitable expenses. By keeping all of your charitable receipts organized, you can ensure that you’re claiming all of the deductions you’re entitled to while also supporting the causes you care about.
Organizing your medical and charitable receipts is an important part of preparing for tax season in Canada. By taking the time to gather all of your receipts and keep them organized, you can ensure that you receive all of the eligible deductions you’re entitled to, while also making it easier for us to accurately file your tax return. If you have any questions or concerns, please do not hesitate to contact us. We look forward to hearing from you soon.