Jochi1543 Posted February 4, 2013 Report Share Posted February 4, 2013 I only applied to a handful of programs, but hey, every $100 counts. Anyone know if you can claim your flights/hotel accomodations/meals as job search expenses for this year? I e-mailed my LOC provider (Scotiabank) about it, their response was basically "hire an accountant." Link to comment Share on other sites More sharing options...
NLengr Posted February 4, 2013 Report Share Posted February 4, 2013 I don't think so because it's a schooling cost. You get schooling credits with your T2202A. But if you wanted to be really sure hire an accountant who understands medical resident/staff taxes. That's what I have done since I started residency. He's worth the money. You can claim LMCC exam costs though, so remember to keep those receipts. Link to comment Share on other sites More sharing options...
Jochi1543 Posted February 5, 2013 Author Report Share Posted February 5, 2013 How much does your accountant charge, if you don't mind me asking? Link to comment Share on other sites More sharing options...
Casey@MDFinancialManagemen Posted February 5, 2013 Report Share Posted February 5, 2013 There are some good article on the CMA website about this topic. There is an tax guide and CARMS article that highlight some information. It can be found here (under resources for medical residents) http://www.cma.ca/index.php?ci_id=49620&la_id=1 Every MD office has a list of Accountants that can help you with your taxes. Generally they won't charge as much for residents but it does vary by location. Link to comment Share on other sites More sharing options...
NLengr Posted February 5, 2013 Report Share Posted February 5, 2013 How much does your accountant charge, if you don't mind me asking? I think around 300 or so for both myself and my wife. It's been worth it because Revenue Canada is complex and there are lots of tax benefits you could miss, especially for your first year of residency. Plus my accountant deals with Revenue Canada for me when they request extra documents and what not (which they always love to do when you claim lots of deductions or have a major change of life). Link to comment Share on other sites More sharing options...
Jochi1543 Posted February 6, 2013 Author Report Share Posted February 6, 2013 $300 is quite cheap, considering how much they can save you! I'll check out that CMA website, thanks. Link to comment Share on other sites More sharing options...
clublink Posted February 6, 2013 Report Share Posted February 6, 2013 Carms travelling/meals expenses are of no use for tax purposes. There is no provision to claim a tax deduction or credit for 'job search' expenses. Do not waste money hiring an accountant. Deductions against employment income (while you are a resident) are very limited. Accountants can be useful when you start your own practise. Link to comment Share on other sites More sharing options...
NLengr Posted February 6, 2013 Report Share Posted February 6, 2013 Carms travelling/meals expenses are of no use for tax purposes. There is no provision to claim a tax deduction or credit for 'job search' expenses. Do not waste money hiring an accountant. Deductions against employment income (while you are a resident) are very limited. Accountants can be useful when you start your own practise. I disagree. The amount of deductions you qualify for is quite variable and will depend on your personal situation. My taxes last year were quite complex. You need to make a judgement call based on your personal situation. I know residents who lost hundreds of dollars because they missed claims or used the incorrect strategy to claim things. I also know residents who paid someone way to much for their taxes. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.