Tax returns and receipts
 

I heard that it is a good idea to keep all receipts for the tax returns that have to be done each year. Anyone got more information on that please (ON if it is dependent on province)?

Re: Tax returns and receipts
 

If you're claiming any expenses on your return you need to have the receipts in case you're required to prove your claim is valid.

Re: Tax returns and receipts
 

Okay, thanks. What sort of expenses could be claimed? Would it be related to work or anything domestic as well?

Re: Tax returns and receipts
 

You can claim certain expenses on your tax return. So keep prescription receipts and dentist receipts. TTC passes (but weekly and monthly you can't claim day passes). There are other things too, but I'm not too sure as we are self emplyed and so its a little different.

Re: Tax returns and receipts
 

Mast expenses you incur to derive an income for business are deductible. As an employee they are not. As an individual there is not much you can claim, it will tell you on your tax return, or consult an accountant if you prefer not to do it yourself.

If you have a home office required by work, you could claim expenses for this, there are others, but it depends on circumstances.

Re: Tax returns and receipts
 

I kow in NB you can claim a portion of dental and medical expenses even if youn are employed. I had thought there are other things too.
But our son in ON kept receipts for different stuff (can't remember what) that were related to work and could claim some back. I will ask him what they were.

We work for ourselves as commercial cleaners and work from home and so claim a portion of utilities etc for home office etc.

Re: Tax returns and receipts
 

This is what I can think of off the top of my head. Others are invited to add more ...

Expenses for which you can claim a deduction or a tax credit (need receipts):

Employees:

• Medical, dental and eye care
• Transit passes (not daily tickets)
• Tools (limited amount and for tradesmen only)
• Charitable donations
• Political donations
• Contributions to RRSPs or other approved retirement plan
• Post-secondary education (for self and dependents)
• union or professional dues
• moving expenses incurred with respect to a move that took place within Canada for the purposes of securing new employment

Employees required to incur expenses to earn employment income. Your employer must certify on a T2200 form the expenses you are required to incur. They can include:

• Travel
• Parking
• Vehicle expenses
• Office supplies
• Wages of an assistant
• Office rent, or a portion of household expenses if you work from home. For most employees this is limited to a fair proportion of rent, utilities and maintenance but employees who earn commissions instead off wages can claim more.

Self-employed people:

• All of the above, plus
• A fair proportion of mortgage interest, insurance and property tax if you run your business from a home office.
• Most expenses that are incurred to earn taxable income. The overriding provision is that the expenses must be reasonable. The travel and accommodation expenses for a meeting in the Bahamas where the only attendees were yourself and your spouse will likely be denied. Even if you did discuss business.

Parents

• Daycare expenses incurred to enable you to earn taxable income or attend post-secondary education. Up to $7,000 per child but can only be deducted from the income of the parent with the lower income.
• Enrollment of children in certain programs, lessons or camps that promote physical activities.
• Enrollment of children in certain programs, lessons or camps that promote artistic development