Tax deductions for medical expenses
Many out-of-pocket costs qualify
Can Canadian investors save tax when a stock’s company goes bankrupt?
You may be able to get some tax relief when the stock of a company you hold goes bankrupt....
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
What is the Canada Carbon Rebate? Plus, dates and amounts for 2025 rebates
The Canadian government is sending out the last carbon rebate of 2024. See who’s eligible and how much you...
What retirees need to know about tax brackets for 2025
Those at or near retirement need to account for slightly higher tax brackets, as well as higher Basic Personal...
RBC’s discount broker launches international trading—what to know before you invest
It’s a first among bank-owned discount brokers in Canada. With more banks likely to follow RBC's lead, what should...
What’s included in Canada’s GST holiday—and how not to overspend
The temporary tax break will save Canadians money, but financial experts caution shoppers to do the math and avoid...
Year-end tax-saving tips for Canadians for 2024
Tax planning in Canada isn’t just for March and April. These smart tax moves need to be made before...
What are the tax implications if you resell Taylor Swift tickets?
Allison resold her Eras Tour tickets instead of going to the concert. The resale website asked for her SIN,...
Should you incorporate your freelance business?
If you’re self-employed, you might be wondering if it’s necessary to incorporate. Here’s how to incorporate a business in...
The best free personal finance and investing courses in Canada
With this list of our favourite courses, you can dig into many financial topics and start making better money...