A lot of people don’t realize that they can claim many of their medical expenses incurred throughout the year. Any time you fill a prescription, be sure to keep the receipt tucked away for income tax purposes in order to benefit from the tax credit.
Are all medical expenses eligible?
No, not all medical expenses are eligible. Examples of ineligible expenses include gym fees, blood pressure monitors, and organic food. For a more complete list, check out this Canada Revenue Agency (CRA) link.
A few weeks ago I had the greatest time with two of my girlfriends. Right after work we went to the cheap theatre and saw a matinee chick flick. Amazingly, the movie only cost us $1.50! It was so cheap because we went on a Tuesday and it was a matinee. Matinees are always cheaper and most movie theatres offer discounts on Tuesdays. In order to avoid the temptation of buying over-priced popcorn at the theatre, I ate a granola bar at work before we left and that kept me satisfied until the movie was over.
When you consider the costs of buying and selling a home, it’s a good idea to wait to buy a house until you are sure that you will live there for at least 3 years if not longer. The reason is that the cost to buy and sell a home can be quite high and you will be unlikely to recoup all of your expenses if you only live in your home for a short time.
Some of the expenses you will incur include:
Appraisal fees – Your lender may want you to get your home appraised in order to have an independent assessment of your home’s value. This can cost from $150 to more than $300.
Inspection fees – It’s always a good idea to have a qualified home inspector inspect the home before you commit to making the big purchase. A good inspector will help you to identify problems with plumbing, electrical, the roof, the foundation, and much more. This will help to ensure that you are buying a home that is in good shape. Inspectors vary in price. We paid about $350 for our home inspector when we bought our home. It was worthwhile because it bought us peace of mind.
I’m sure you’ve all made New Years resolutions and hopefully you are sticking with them. Although it’s not exactly the New Year anymore, I have decided to create the Pennysaver 100 Day Challenge that will run from March 15th until June 23rd.
I am doing this because I know I need to make some changes in my life, and if I write them down and share them with others, then I will be accountable, instead of just allowing myself to cheat. So, here’s how I will do it. I will write updates every couple of weeks letting you know how I am doing, and if I have failed in some way I will be sure to let you know.
These are the following things I hope to achieve over the next 100 days:
1. I will buy only what I need and I won’t buy anything frivolous. I’m already quite careful with what I buy, but sometimes I splurge on things that are unnecessary. For the next 100 days, I am determined to only buy necessities. This means I will need to steer clear of dollar stores because this is where I usually buy useless items. I will also have to be more careful when grocery shopping and limit myself to only purchase the items on my list.
You can decrease the amount of income tax you pay by donating money to registered charities. When you file your taxes, be sure to include all your official donation receipts received from the organizations in order to take advantage of the tax credit. Donating to charities is a meaningful way to decrease your taxes and to support a cause you are passionate about.
How do I know if a charity is registered?
If you are unsure if a specific charity is registered, you can search the listings on the Canada Revenue Agency (CRA) website.