Tax deductions for medical expenses
Many out-of-pocket costs qualify
How to pay yourself as a power of attorney in Ontario
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
Come tax-filing time, be sure to dig up all drug and dental receipts. Any claims that aren’t covered by an employer plan qualify for a 15% tax credit. In fact, many health-related costs you pay out of pocket qualify—everything from vision care to fertility procedures. And here’s something else: You can claim your group benefits. “Most people don’t know that you can write-off some of that pesky fee you have to pay every year to kick-start your employer plan,” says Allan Madan, a CPA with Madan Chartered Accountant in Mississauga, Ont.
The bottom line: This deduction applies to a portion of your medical expenses. Take 3% of your income or $2,208 (whichever is less), and subtract that figure from your medical costs. You can claim 15% of this final figure. Talk about a prescription for savings!
More tax tips here.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Canada’s income tax brackets for 2024, plus the maximum tax you’ll pay based on income
Want an idea of how much tax you paid—or will be paying—for 2024? Here are the federal and provincial...
What to know as Canada’s capital gains tax changes remain in legal limbo
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
How to report foreign income in Canada
Canadians have reporting requirements for foreign assets, income and tax paid. Here’s how to claim each of these on...
How to talk to your family about crypto
Are your parents anxious about your interest in crypto investing? Here’s how to have family conversations about this and...
How to plan for taxes in retirement in Canada
In retirement, some income is not subject to withholding tax, and you may potentially owe tax after filing each...
How income from digital platforms is taxed in Canada
Driving for Uber or writing on Fiverr? Here’s what you need to know about filing your taxes.
Year-end tax and financial planning considerations
Some strategies are time-sensitive, while others can help you start the new year on the right foot.
Do you have to make quarterly tax remittances in Canada?
Here’s a guide to making the right tax installment payments, including answers to common questions about the process.