Oakville Accounting Firms | Tax Accounting Services Mississauga

Resources

Real Estate Tax Worksheet

If you receive income from renting real estate or other real property you will have to file a statement of Income and Expenses separately for each of the properties. The form is called T776. It provides an area for you to enter your gross rents and claim rental expenses related to the property. The difference between the gross rent you received and the expenses you incurred will determine the gain or loss from rental income. Rental income and expenses are generally reported on an accrual basis. That means you include rents in income for the year in which they are due, whether you receive them in that year. Similarly, you deduct your expenses in the year you incur them, whether you pay them in that period or not. For your convenience, we provide a worksheet to help you organize your expenses and claim it in your Real Estate Income.
Commission Income & Expenses Worksheet

Employees who sell goods or negotiate contracts for an employer can deduct some of the amount they paid to earn commission income. With the exception of interest and the capital cost allowance on your vehicle, the expenses you can deduct cannot be more than the commissions you received in the year. You can deduct; accounting and legal fees (IT-99), advertising and promotion, motor vehicle expenses, capital cost allowance of motor vehicle, food, beverages, entertainment expenses, lodging, parking, office supplies, license cost, computers, cell phones, and other equipment expenses, salaried you paid to your employees, office rent, training cost, travel fare, and work-space-in-the-home expenses. If your total commission expenses are more than commissions you received, luckily, CRA allows another method you can use to claim expenses. Using this alternative method might be beneficial for you because it allows you to claim your expenses as a salaried employee instead of as a commission employee. If you deduct expenses this way, your claim is not limited to the commission you received in the year. You may claim travelling expenses, motor vehicle expenses, cost of supplies or office. If you are interest in getting additional information you may like to study T4044.
Medical Expenses

As a taxpayer you can claim allowable medical expenses, which CRA calls eligible medical expenses. You can claim medical expenses paid during any 12-month period ending in 2017. You can only claim that part of the expense that you or someone else have not been reimbursed for by your employer or insurance company. Depending upon medical conditions eligible medical expenses comprises of a very big list, we have tried to present them in the table given below:
  • Acoustic coupler
  • Air conditioner
  • Air filter, cleaner, or purifier
  • Altered auditory feedback devices
  • Ambulance service
  • Animals
  • Artificial eye or limb
  • Assisted breathing devices
  • Audible signal devices
  • Baby breathing monitor
  • Bathroom aids
  • Bliss symbol boards
  • Blood coagulation monitors
  • Bone conduction receiver
  • Bone marrow transplant
  • Braces for a limb
  • Braille note-taker devices
  • Braille printers, synthetic speech systems, large print-on-screen devices
  • Breast prosthesis
  • Cancer treatment
  • Catheters, catheter trays, tubing or other products
  • Certificates
  • Chair
  • Cochlear implant
  • Computer peripherals
  • Cosmetic surgery before March 5, 2010
  • Crutches
  • Deaf-blind intervening services
  • Dental services
  • Dentures and dental implants
  • Devices or software
  • Diapers or disposable briefs
  • Doctor - see Medical services provides by qualified medical practitioners
  • Driveway access
  • Drugs and medical devices bought under Health Canada’s Special Access Program
  • Elastic support hose
  • Electrolysis
  • Electronic bone healing devices
  • Electronic speech synthesizers
  • Electrotherapy devices
  • Environment control system (computerized or electronic)
  • Extremity pump
  • Furnace
  • Hearing aids
  • Heart monitoring devices
  • Hospital bed
  • Hospital services
  • Ileostomy and colostomy pads
  • Infusion pump
  • Injection pen (such as an insulin pen)
  • Insulin or substitutes
  • In vitro fertility program
  • Kidney machine
  • Laboratory procedures or services
  • Large print-on-screen devices
  • Laryngeal speaking aids
  • Laser eye surgery
  • Lift or transportation equipment (power-operated)
  • Liver extract injections
  • Medical marihuana
  • Medical services provided by qualified medical practitioners
  • Medical services provided outside Canada
  • Moving expenses
  • Needles and syringes
  • Note-taking services
  • Nurse
  • Optical scanners
  • Organ transplant
  • Orthodontic work
  • Orthopedic shoes, boots, and inserts
  • Osteogenesis stimulator (inductive coupling)
  • Oxygen and oxygen tent
  • Oxygen concentrator
  • Pacemakers
  • Page-turner devices
  • Personalized therapy plan
  • Phototherapy equipment
  • Premiums paid to private health services plans
  • Pre-natal and post-natal treatments
  • Prescription drugs and medications
  • Pressure pulse therapy devices
  • Reading services
  • Real-time captioning
  • Rehabilitative therapy
  • Renovation or construction expenses
  • School for persons with an impairment in physical or mental functions
  • Scooter
  • Sign-language interpretation services
  • Spinal brace
  • Standing devices
  • Talking textbooks
  • Teletypewriters
  • Television closed caption decoders
  • Tests
  • Therapy
  • Training
  • Treatment centre
  • Truss for hernia
  • Tutoring services
  • Vaccines
  • Van
  • Vehicle modification
  • Vision devices
  • Visual or vibratory signaling device
  • Vitamin B12
  • Voice recognition software
  • Volume control feature (additional)
  • Walking aids
  • Water filter, cleaner, or purifier
  • Wheelchairs and Wheelchair carriers
  • Whirlpool bath treatments
  • Wigs
For a complete explanation of eligible medical expenses you may like to visit www.cra.gc.ca/medical Always remember that it may be better for the spouse or common-law partner with the lower net income to claim the eligible medical expenses.