Can you claim wisdom tooth removal on your taxes?

Eligible medical expenses may qualify for a tax credit on your tax return. The medical tax credit is generally a non-refundable federal and provincial/territorial tax credit that is used to reduce your tax payable.

You can declare medical costs that you have not been reimbursed by insurance (or through another tax-free reimbursement). If these medical costs have been paid by you (or your spouse/spouse partner) for one of you or for your children, you should be able to claim them. (Note: This only applies if the children were under 18 at the end of the tax year.)

In some cases, you may even qualify for more. Low-income workers with high medical expenses may be eligible for a refundable medical expense allowance that results in a tax refund, even if they don’t have to pay taxes.

Can I claim medical expenses paid for other family members?

You may also be able to claim costs for other family members paid by you (or your spouse/spouse partner) if they depended on you for financial support. These family members include children over the age of 18 and grandchildren. The parents, grandparents, sisters, brothers, aunts, uncles, cousins ​​of you or your spouse/marriage partner can also be included. These family members must have been Canadian residents at some point during the year.

Expenses paid outside of Canada are also eligible. Children or grandchildren include children or grandchildren of your spouse or common law partner, ie your stepchildren or stepgrandchildren.

Are there income limits for medical expenses?

An income limit applies to claiming medical expenses. Your 2021 expenses must be greater than the lower of your net income on line 23600 of your tax return or $2,241.

The tax saving is federally 15% and varies based on your province or territory from 4% to 10.8%. So save between 19% and 25.8% on the eligible expenditure above the limit. (Check out the MoneySense 2021 Income Tax Guide for more tips.)

What medical expenses can you declare on your tax return in Canada?

Some eligible medical expenses are obvious, but the Canada Revenue Agency (CRA) list is quite extensive. Some expenses can only be claimed by individuals with certain medical conditions or who are disabled. Refer to this CRA list to find out.

This post When can you declare medical expenses on your tax return

was original published at “https://www.moneysense.ca/columns/ask-a-planner/claim-medical-expenses-canada/”