Medical expenses and charitable giving on your taxes

Why you should claim medical expenses

Thanks to the often-overlooked medical expense tax credit, you could reduce money owed by claiming eligible medical expenses.

So what constitutes an eligible expense? The Canada Revenue Agency (CRA) maintains an extensive list of expenses you can claim for yourself, your spouse/common-law partner and your dependent children under 18 (and potentially other family who depended on you for support).

These expenses aren't limited to the calendar year, either. To maximize the credit, you can claim expenses for any 12-month period that ends in the tax year for which you're filing.

Though you may not think it's worth the effort, these expenses can accumulate. Always keep receipts, prescriptions and other supporting documents. If an expense was covered through your employer's health insurance plan, you can only claim any out-of-pocket expenses.

For more information about this non-refundable tax credit, visit the personal income tax pages of the CRA website.

How charitable donations benefit you at tax time

The spirit of giving is alive and well in Manitoba, which consistently ranks as one of the most generous provinces when it comes to donations to charity.

Did you know in addition to helping out a worthy cause, these charitable contributions can also benefit you come tax season? It’s simple: claim any eligible donations to registered charities and other qualified groups on your tax return.

Your federal tax credit is 15 per cent of the first $200 in eligible donations and 29 per cent of additional donations. And don't forget to include our provincial tax credit!

When combined, these non-refundable tax credits add up quickly – and you can use them to reduce any taxes owed. You're allowed to claim any unclaimed donations made in the previous five years, so make sure to keep your official donation receipts and other supporting documents in case the Canada Revenue Agency (CRA) needs to see them.

Check out the CRA website for more information, including a charitable tax credit calculator and searchable database of registered charities.

Questions? We're here to answer them! We're happy to offer advice on how to maximize your tax return – make an appointment with us today!

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