There are a few surprises when it comes to what the CRA will allow and disallow when it comes to your medical expense so always be sure to ask your tax preparer about items that you believe are questionable. At Catherine Barrie Accounting we usually receive similar expenses from our clients that they believe are [...]
If you’ve had to head out of town for a medical procedure or appointment that you couldn’t obtain at a nearby location, than you may be entitled to claim the costs of that trip as medical expenses. Now the amount you can claim depends on the trip so it is very important for you to [...]
Most medical expense are allowed so if you’ve spent money on anything that seems to be for you, your spouse, or any dependants wellbeing be sure to keep the receipt. Although you don’t have to send in your receipts with your taxes you will need the copies if the CRA decides to ask you for [...]
For any sort of doctor’s visit, therapy session, or even insurance payments an invoice (receipt) with proof of payment (debit/credit receipt, or payment applied on statement) will be more than enough. In order to claim your prescriptions you will need the RX numbers which is usually attached to the prescription so be sure to keep [...]
In order for your medical expenses to have any impact on your taxes, you must first spend a certain amount. If you and make over $75,600 then any amount you spend over $2268 in a year will be considered your eligible medical expenses. If you make under $75600 then you would take 3% of your [...]
Medical expenses are the total amount that you have spent on items or visits to doctors, pharmacists, dentists, insurance, and some therapists. The total amount that you have spent, after you receive any insurance payout, will be used to calculate an amount that can be deducted from your net tax owing. These expenses can sometimes [...]
Mutual funds simplify diversification in investments by doing all the work of diversifying for you. When you invest in a mutual fund, your money is pooled with other investors in a fund. The fund is then managed by investing in several different options to hopefully maximize your investment. The downside of mutual funds is that [...]
A bond put simply is a loan that you are providing to a specific borrower (usually the government). If a corporation or government needs to raise funds they will issue bonds. You would pay a certain amount of money that the government or corporation agrees to pay back with interest on a specific date. These [...]
Investing in stocks is considered to be a high risk investment generally because there is little to no guarantee you will receive your investment back. Investing in stocks is an investment in shares of a corporation, if the corporation does well the stock price will increase and therefor so will your investment. Since there are [...]
A Guaranteed Investment Certificate is straight forward when compared to other investments. You would obtain a GIC from a bank or similar establishment for a specific amount of money, and that investment is guaranteed to earn a certain amount of interest over time. There are a few different options in GIC’s with specialized ways of [...]
