Claiming Expenses on Your Tax Return Using Good Receipts

Every year at tax time I talk about good receipts. If you are claiming expenses, such as childcare, medical or business and employment expenses, you need a receipt. This receipt must have your name on it, or a way for you to prove it was you, such as a debit card or credit card number. The name of the person who provided the service must also be on the receipt along with a date and a description of the service.

Gas receipts will be the paper which came out of the gas pump with your credit card number, the date, the amount of gas, the name of the gas station. This works. A credit card statement which only says Petro Can on it will not work. You could have bought items other than gas. For the child care receipt you need the name of the provider with a social insurance number and the dates of the service.

You should only claim expenses when you have the receipt, so getting that receipt soon would be a great idea.

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Painless Financial Training Group Inc. with Debi Peverill

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