Tax deductions for medical expenses
Many out-of-pocket costs qualify
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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.
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