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Video instructions and help with filling out and completing unreimbursed medical expenses definition

Instructions and Help about unreimbursed medical expenses definition

Happy tax season everyone today we're gonna be talking about the medical expense tax credit what it is how much can you expense and what kind of medical expenses are not allowed there seems to be a lot of confusion so here's how the medical expense Tax Credit works medical expenses in the household can be banned together so that's for you your spouse and any dependents in the household can be tallied up and put together to make sure that they equal a certain amount and these are medical expenses that are in any 12-month period ending in the current tax year how much can you expense that's the bummer so you can only claim medical expenses that are above 3 percent of your net income and that's for a household - if you're claiming with a spouse so let's say that your net income was $50,000 and you had $2,000 worth of unclaimed medical expenses in the last 12 months 30% of your net income at 50,000 would be $1500 which means that only the extra $500 would be eligible the medical tax credit so you might be asking yourself what qualifies as a medical expense for this tax credit well generally speaking as a rule of thumb any equipment or prescriptions or treatment plans that you needed that were diagnosed from a medical practitioner will count things like prescriptions optometrists dental chiropractic physiotherapist hospital visits all of that stuff from medical practitioner accounts as a medical expense but there seems to be a lot of confusion around what does not count as medical expense so athletic or fitness clubs no dice any over-the-counter medicine like tylenols notice vitamins and supplements even if they're prescribed by a medical practitioner are still not allowed and also cosmetic surgeries or procedures are generally not considered medical expenses these are things like teeth whitening hair replacement maybe some Botox these are things that are not required for your medical health and therefore unfortunately big dope count as medical expenses the list of what's allowed and what's not allowed is long so make sure that you check on the CRA website to see what's allowed to be expensed and what's not so best practices 1 keep all of your receipts for anything medical even if you're not sure and you don't think that you can expense it keep the receipt attack professional will know number 2 talk to a tax professional come tax time there's a lot of ways that you can maximize this tax credit and speaking to a professional will allow you to make sure that you're doing that and third keep the receipts for your medical expenses for seven years because if you get audited you're gonna need to go back that far if you don't live in Canada that's okay make sure that you check with a financial professional in your area because it's likely that you might have a very similar tax credit make sure that.