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Who Can I Claim Medical Expenses
For?
aim for medical expenses is one of the
most common provisions on the return, and affects the
majority of tax filers, yet it is often the most
misunderstood.
Medical expenses can be claimed for:
- you, your spouse or common-law partner
- a child or grandchild of you or your spouse who
depended on you for support, and
- adult children or grandchildren, a parent,
grandparent, brother, sister, uncle, aunt, niece or
nephew of you or your spouse who lived in Canada at any
time in the year and depended on you for support.
Be Organized and Know Your
Deductions
THIS YEAR, BE ORGANIZED AT TAX TIME
The most difficult part of preparing tax
returns has very little to do with math ability or
intelligence. It's all about organization. It usually
takes longer to sort documentation than it does to enter
the data onto the tax return itself. This is the major
challenge for all taxpayers and a major impediment to
tax efficiency. You need to get past this barrier to
achieve a powerful relationship with the taxman.
It's true: the better you are at bringing order to
your documentation, the wealthier you will be. You'll
pay less to have a tax professional do your taxes, year
over year, they'll do a more thorough and therefore
better job at saving you money, and you'll benefit from
being "ready”—with all the information to build wealth,
after-tax.
You'll also help your executors out a lot when they
are filing your final tax return. And that's just being
kind.
So do yourself a favor and beat the taxman with an
organized approach to your tax preparation.
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