Any Plans to Maximize Medical Expenses in 2017? Canada 150 Recommendation #101

Sunday’s= Personal Tax

As I have said in this space several times already, medical expenses are deducted based on your net income. Specifically, you can take a tax credit for the amount of medical expenses that exceed either the annual maximum ($2500 usually) or 3% of your net income. So if you already have $2,500 in medical expenses, prescriptions, physiotherapy, eye care, medical premiums, medical travel etc. then anything you spend from here until the end of 2017 will increase your credit.

If you have been considering hearing aids or laser eye surgery it might make sense to spend that money before the end of the year.


No comments yet.

Leave a Reply

Painless Financial Training Group Inc. with Debi Peverill

Understand Financial Stuff, Painlessly