Ask an Accountant Personal tax receipts (Week 1)

Francesca Giroux, CPA
For the Lakeside Leader

As we are nearing the T4 deadline it is time to start gathering documents and tax receipts to aid in the preparation of your 2018 personal tax return. While you are at it why not keep a list of all that you receive and save this list for 2019 so you will know what all you are expecting. It is no fun to file your tax return thinking you have everything only to get another slip in the mail and have to amend your return and possibly give back your refund.

Most slips have to be issued by February 28 so you can expect to receive these in to the beginning of March. RRSPs can be contributed to up to February 28 so if you don’t get an immediate receipt you may be waiting even further into March. Some slips have a filing deadline for the issuer of March 31 so you can be waiting for these into April. With a filing deadline of April 30 for all Canadians (except for those with proprietorships and their spouses) this makes meeting the filing deadline tight especially if you plan on taking your information to an accountant to be processed and you only do this in the third week of April.

If you, your spouse, or common-law partner made charitable donations to a registered charity, amateur athletic association, or other qualified donee during 2018, the organization should have provided you with an official tax receipt for your donation. These official receipts are used to calculate your total donations for the year and form the basis of a non-refundable tax credit. Pledge forms (i.e. forms indicating how much you have pledged to donate) are not acceptable documents to support the charitable donation tax credit you are claiming.

Receipts for medical expenses are required to support your claim for the medical expense non-refundable tax credit. The receipts should indicate the type of expense (i.e. prescription, dental work) and to whom the amount was paid to (i.e. doctor’s office, pharmacy). For a full list of eligible medical expenses please visit the Canada Revenue Agency’s (CRA) website and type in eligible medical expenses into their search bar.

In order to claim tuition, education, and textbook amounts, an official form (i.e. T2202, T2202A, TL11A, TL11B, or TL11C) provided by the post-secondary educational institution will be required. This form indicates the amount of tuition paid, the program enrolled, the name of the post-secondary institution and the number or months of full-time or part-time education. This form is also required to transfer eligible amounts to spouses, parents or grand-parents.

Please e-mail your questions to bonnie@nashgirouxllp.ca.

Information provided is of a general nature. As each individual or company’s situation is unique, you may wish to consult with your CPA for information specific to your own needs.

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