Receipt Bank allows you to quickly and easily process receipts.
For individuals who have to prepare employment expenses, or have small business statements, the app which can be loaded on your phone makes it easy to snap pictures of all those pesky receipts immediately when you get them, as opposed to handling them come tax time.
If you have a significant number of receipts related to your business, you can scan and then upload the receipts for processing, or even engage me to do this for you. For even more complex situations, it may be necessary to set you up with multiple business in Receipt Bank. Each person is unique.
Please note that Receipt Bank can’t handle:
Multiple business within the same account (including rental and business), and
Please ask me about the benefits and costs.
During the past week, I and a select group of clients have been using Receipt Bank. I asked for comments. Here is what they said:
Great tool for tracking daily expenses to ensure you don’t miss any deductions by misplacing receipts
Nicholas, Small Business Person
Nicholas was initially hesitant about using Receipt Bank, but tried it. After 50 receipts for last year, he wanted to also start working on the current year. He figures that using this software will save him hours. Nicholas started using this without any training.
The CRA opens for filing information returns on Monday, 7th January, 2019. These include T3, T4, T5 and NR-4 returns. Affected individuals include those with Trusts, Estates, Employees, pay interest or dividends, or who are a non-resident Landlord.
I have been contacting affected clients by email and by phone to get their information in. Please feel free to call me if you have not received any message yet.
A question raised was if the purchase of Cannabis from a retail or provincially regulated Cannabis retailer can be claimed on a personal tax return as a medical expense.
The short answer is no.
The claim for cannabis is made under Paragraph 118.2(2)(u) of the Income Tax Act. To qualify, the patient must be authorized under the Federal Acts and the purchase must be made from either Health Canada or other certain specified production licenses. The provincially regulated Cannabis retailers who opened on Oct 17, 2018 do not hold the licenses under that Paragraph so no purchases made from those locations will qualify.
It is entirely possible that the Act may be changed. But presently, this is what the law says.
If you find that the retail source is cheaper than the medical source, you may wish to consider if it is to your benefit to purchase from the retail source. If that is your choice, you must evaluate the lost benefits from any insurance claims which you will be entitled to as well as the impact on your tax return from no longer being able to make a medical claim for the same item. This evaluation is based on your personal circumstance and is beyond the scope of this article. You are welcome to engage my services to assist you with this, by using the Contact Me tab on your screen.