How to Save Money on Your Taxes

It’s tax time!

From ambulance services and assisted breathing devices to medical marijuana and wigs, a variety of expenses can save you money on your taxes.

While you should certainly speak with your accountant, here are some resources that might be helpful while you figure out how to maximize your tax credits and deductions:

  • Medical Expenses Tax Credit – There are TONS of medical expenses that can be claimed.  Learn more here: The medical expenses that can be claimed change over time. Here are some more recent developments:
  • Reproductive Technologies -You can claim fertility-related procedures, which is defined as “amounts paid to a medical practitioner or a public or licensed private hospital to conceive a child. Generally, amounts paid for a surrogate mother are not eligible”. Recent changes permit people to claim fertility-related expenses retroactively, which means you may be able to use your old receipts (from before 2017) to save some money this year. Please see the following link for more information:
  • Medical Assistance in Dying – In light of the legalization of assisted dying in Canada, you may be able to claim out-of-pocket medical expenses associated with medical assistance in dying.  

We suggest you speak with a qualified accountant to understand what credits and deductions are available. What you save in taxes can be greater than what you pay your accountant.

Here are some ways to work effectively with your accountant and save money on professional fees:

  1. Review the links above to determine which eligible medical expenses you have incurred, and which documents you need to support your claims.
  2. Obtain copies of all relevant receipts and documents.
  3. Scan all of your receipts into a single PDF file. This makes it efficient for your accountant to review, since scrolling down is usually faster than opening multiple attachments. You may need to confirm that your accountant is willing to accept your receipts via email.
  4. Create a simple summary or spreadsheet indicating the eligible medical expenses and corresponding amounts. Bonus points if this is done in the same order as the receipts in the PDF. Insert a total at the bottom. This can save you money because it avoids your accountant from having to spend time adding up all of your receipts.
  5. When you meet your accountant, bring 2 paper copies of your summary and receipts. This way he or she can use the paper format (some people prefer working off paper ) and so that you can view a copy at the same time during your meeting.

As the saying goes, nothing is certain except death and taxes. But there’s no reason we can’t be prepared!

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