One of the most profitable yet least utilized tax credit by Canadians are medical tax credits. Canadians often simply forget or don’t bother to claim each individual medical expense because they may feel it’s too much work and not a high enough return. However, these expenses add up quickly and at the end of the year they may be enough to make a big difference on you final tax return. The credit applies to a wide variety of expenses such as prescriptions drugs, eyeglasses, health related home renovations, dental work, buying health related foods such as gluten free bread and even medical marijuana.
It may be a hassle to hang on to each of your receipts all year long and keep track of every purchase but making that extra effort could really pay off. One great time saving tip is contacting your drug store to see if they can provide you with a receipt for the whole past year. Make sure you to remember each drug store you visited.
If you have a private health care program that pays partially your drugs or medical treatment you can claim then for your tax return the portion paid from your pocket. Keep all the receipts in order to make this claim.
Also overlooked are tax credits if you have a disability. If you are eligible for the disability tax credit (DTC), you may be able to claim the disability amount on your income tax and benefit return. To be eligible for the DTC, we have to approve Form T2201, Disability Tax Credit Certificate.
To ensure that you are receiving the highest possible returns for your medical and disability expenses contact our office today. We can help you sort through the receipts and find you every dollar you deserve. Email us at firstname.lastname@example.org for support.
Nicole Dronca, CPA,CGA