|
What Are Medical Expenses
What are Medical Expenses? Canada is one of the countries with the lowest inflation rates and so most Canadians enjoy a financially worry free life, partly because of a government that takes care of its citizens with sound welfare and health care system that is funded by the public, by the government through taxes and other revenues. This free healthcare is available to all Canadian citizens armed with the provincial health card from their respective states. However, some of the medical bills may not be eligible under free healthcare like dental care, prescription eye glasses and contact lens, cosmetic and elective surgeries, and lastly consultations and treatments from psychiatrists, chiropractors, dieticians, masseuse, etc. Still any medical expenses incurred by the citizen for reasons like accident resultant injury, major illnesses, pregnancy and related expenses and all hospitalization are tax deductible.
On average a Canadian family spends $150 per month on medical bills. Most of these can be claimed under some medical insurance policy. The policy premium for medical insurance is tax deductible. Also some of the expenses like for Over The Counter medication for major health problems like diabetes, asthma, blood pressure, Alzheimer’s, heart related problems, etc. can all be claimed or exempted. But the bills have to be presented along with the Doctor’s report and prescription. Some of the medical expenses become eligible for personal income tax calculation purposes for all Canadian citizens. This tax deductible expenditure will normally include hospitalization, major illnesses, accident-related injuries and hospitalization, maternity expenses and such.
When claiming such bills, it is better for the spouse with the lower net income to present the claim. Some medical expenses that are also eligible for exemption include patient attendant care for invalids. One smart way to get your dental plan reimbursed is to claim the cost of the same as a pay deduction. You should buy the dental plan through your employer and then you can deduct the same for your taxation purposes. A range of medical expenses that can be claimed for tax deduction are given here, though the list is not exhaustive.
The medical expenditure that is deductible for taxation purposes is mentioned in the Medical Expenses Tax Credit in the Income Tax Act. All medical tax exemptions require valid treatment reports form the doctor providing medical care and must be supported by bills in original.
Apart from the medical tax exemptions, Canadians also have the disability benefits and sick benefits under the CPP which include bills for payments to medically qualified practitioners with valid licenses, bills for taking care of people with physical or mental handicaps, bills for in-house care in a nursing home or hospice, bills for attendants or in house care for mentally impaired people, transportation expenses incurred for availing treatment, along with an attendant, bills for getting artificial limbs fixed, and walkers, crutches, etc. bills for oxygen tanks, guide dogs, hearing aids and other such equipments, bills for organ transplant and recuperation, rehabilitation therapy, dentures, medically necessitated alterations to one’s residence, bills for diagnosis, treatment and preventive medication. all health insurance premium and last but not least, any medical expenses incurred. What are Medical Expenses?
On average a Canadian family spends $150 per month on medical bills. Most of these can be claimed under some medical insurance policy. The policy premium for medical insurance is tax deductible. Also some of the expenses like for Over The Counter medication for major health problems like diabetes, asthma, blood pressure, Alzheimer’s, heart related problems, etc. can all be claimed or exempted. But the bills have to be presented along with the Doctor’s report and prescription. Some of the medical expenses become eligible for personal income tax calculation purposes for all Canadian citizens. This tax deductible expenditure will normally include hospitalization, major illnesses, accident-related injuries and hospitalization, maternity expenses and such.
When claiming such bills, it is better for the spouse with the lower net income to present the claim. Some medical expenses that are also eligible for exemption include patient attendant care for invalids. One smart way to get your dental plan reimbursed is to claim the cost of the same as a pay deduction. You should buy the dental plan through your employer and then you can deduct the same for your taxation purposes. A range of medical expenses that can be claimed for tax deduction are given here, though the list is not exhaustive.
The medical expenditure that is deductible for taxation purposes is mentioned in the Medical Expenses Tax Credit in the Income Tax Act. All medical tax exemptions require valid treatment reports form the doctor providing medical care and must be supported by bills in original.
Apart from the medical tax exemptions, Canadians also have the disability benefits and sick benefits under the CPP which include bills for payments to medically qualified practitioners with valid licenses, bills for taking care of people with physical or mental handicaps, bills for in-house care in a nursing home or hospice, bills for attendants or in house care for mentally impaired people, transportation expenses incurred for availing treatment, along with an attendant, bills for getting artificial limbs fixed, and walkers, crutches, etc. bills for oxygen tanks, guide dogs, hearing aids and other such equipments, bills for organ transplant and recuperation, rehabilitation therapy, dentures, medically necessitated alterations to one’s residence, bills for diagnosis, treatment and preventive medication. all health insurance premium and last but not least, any medical expenses incurred. What are Medical Expenses?
|
|