Why Towler & Associates, CPAs?
- We are focused on small businesses!
- We don’t just work with numbers, we work with your needs.
- We listen and respond quickly, year round.
- We are trusted accountants and tax advisors
TAX DEDUCTABLE – MEDICAL EXPENSES
Mar 18, 2016
You can claim on your personal tax return, eligible medical expenses for yourself, spouse and dependent children born after 1996, for any 12 month period ending in that tax year. The medical expense deduction on your tax return is in the form of a non-refundable tax credit, which is 20% of the eligible medical expenses that exceed the lessor of;
- $2,152, or
- 3% of your net income or your spouse's net income.
Eligible medical expenses include a long list of medical expenses as well as dental care. A few of the more common medical expenses claimed are:
- fees to medical professionals including doctors, naturopaths and chiropractors,
- prescription drugs and lab charges,
- dental and orthodontic services,
- reasonable travel expenses to obtain medical or dental care, if travel exceeds 40 Km,
- extended health and dental plans,
- nursing home and attendant care charges,
- laser eye surgery,
- travel insurance and
- tutoring services for a documented learning disability.
Expenses you can't claim include cosmetic procedures, teeth whitening, MSP premiums, fitness club fees, and over the counter medications, supplements and vitamins.
Canada Revenue Agency publishes on their website a list of deductible medical expenses.
For some taxpayers it is beneficial to report eligible medical expenses on a non-calendar year basis. For example, a taxpayer involved in a car accident in October that results in medical expenses, prescription drugs and physiotherapist sessions from the time of the accident till March, can chose to claim the eligible medical expenses on one tax return by electing to report their medical expenses for the 12 month period October 1 to September 30.
Towler & Associates is a North Vancouver accounting firm that strives to save our client's money and that is why our firm motto is "We are in business to save you MONEY".
This bulletin has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only and cannot be relied upon to cover specific situations. Please contact Towler & Associates to discuss your situation. The partners and employees of Towler & Associates do not accept any liability or duty of care for any action taken or not taken by anyone in reliance on this information.
TIMELY AND INFORMATIVE!
A newsletter for Business Owners, Professionals, and Investors.
Sign up for our
Business Matters Newsletter
Testimonial
Warren Towler is an excellent accountant for me to refer my mortgage clients to. He has an extensive real estate financial background and has a deep understanding in investment properties and corporate holdings. Warren is a consummate professional committed to continuing education and providing timely and effective services to his clients. He really is the accountant to have in your corner, looking out for your best interests.
Michael James
Accredited Mortgage Professional
Recent Topics
- Business Matters January 2021 — Jan 23, 2021
- Business Matters December 2020 — Dec 02, 2020
- Busness Matters October 2020 — Oct 30, 2020
- Busness Matters July 2020 — Jul 14, 2020
- Business Matters February 2020 — Feb 09, 2020