Medical Expenses Should Not Be Overlooked

Did you know that you may be eligible to claim medical expenses above and beyond your prescription medications? In most cases, medical expenses may not provide much of a reduction in your taxes owning, however, there are a few situations where they can make a big difference.

Many Canadians are not aware that they are able to claim travel expenses for medical appointments and treatments. This can mean a significant tax savings for those of us who live in rural and isolated areas. If you travel between 40 and 79 kilometers one way to obtain medical services that are not available in your area, you can claim the actual mileage traveled, plus meals. If you travel over 80 kilometers one way to obtain these services, you can claim the mileage, meals, and accommodations.

In some cases, you may also be able to claim a companion expense as well. A medical practitioner must certify that you were not capable of travelling alone in order to claim the companion expense.

If you have low employment income or are self-employed, you may also qualify for a refundable medical expense supplement. This refundable tax credit has a cap of $1,203 and there are very specific thresholds for this credit.

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