Keeping Track Of Your Travel Medical Expenses for Tax Purposes
Just paying attention to your Canada tax situation when tax season rolls around, can end up costing you some tax credits. One of these could very well be a credit for your travel expenses that occur as a result of you having to travel in excess of 80 kilometers away from your home for medical needs either for you or a perhaps a member of your family. As usual there are plenty of regulations to follow, but if your travel expenses are significant in regards to your necessary medical treatment then it could be well worth you keeping track of this so you can take advantage of the tax credit.
To qualify you have to be sure that there are no medical services such as those that you require in your own area. Plus you have to take what CRA classes as a reasonable direct route. So going 20 miles out of your way to take the scenic route could pose a problem. It is important before you make this claim for credit that you thoroughly understand all of the criteria.
Some tax payers have misunderstood this credit thinking that if they had to visit a sick individual that they could claim the travel expenses for this which is not the case. As you can see while this can be an important credit especially if you are faced with these types of expenses on more than one occasion throughout the year. You need to keep track of your mileage and you may also be eligible to claim a meal expense during that particular time. Ideally using an experienced Toronto accountant to help you with your return is the ideal circumstance.
Although tax season may be over as far as returns go, there are many different situations where you may be eligible for credits that accumulate throughout the year such as this. Discussing these with your Toronto tax accountant will ensure that you keep the necessary records to back up your claim.
All too often tax payers find out about potential tax credits that they could have qualified for but because they didn’t know about them or keep the appropriate records they are reluctant to apply for them.
Nowadays using a good Toronto accountant not just for your tax needs but for some of your other financial matters makes for smart money management and includes a good portion of financial planning.